May 11, 2016 — Is your real estate experience something you are pleased with, or a subject best left untouched? A new interactive tool published in the Washington Post will confirm that for you in just a few seconds. Enter your zip code or town, and voila!, it will show you how much the value of your home has changed since 2004.
The period is important because 2004 was just before the real estate market tanked in 2007. The market has generally recovered since then. Over the entire 11 year period (pre and post bubble) the typical single family home appreciated about 14% from 2004 to 2015. But the market recovery has been very uneven. Homes in expensive neighborhoods have gone up over 20%, but those in many other neighborhoods have stagnated. Obviously it is a changing world – homes in oil patch jumped in value, but are probably declining now in these days of cheap oil.
Some very surprising winners and losers
The Post used data from Black Knight Financial Services. The results are more surprising than not, particularly when you look at the maps that show appreciation by region. Oddly enough, many of the areas of the country that did the best in the real estate bubble have experienced lower than average growth over the entire period. Central Florida above Miami, the New England coast, the area around the Great Lakes, and the Central California Coast are all lagging other parts of the country. But the Pacific Northwest, much of Texas, and parts of the Midwest have done much better.
Give it a try
It is pretty interesting. Go to Washington Post and just plug in your zip code. The article has a lot of other great info about specific markets too.
Do you wish you sold earlier, and hadn’t bought at all? Are you thinking about buying now, or delaying? Please share your real estate worries and success in the Comments section below.