Americans are still buying homes in areas with high risk of natural hazards and the homes in those cities continue to appreciate in value far faster than homes in low natural hazard locales. These expectations largely mirror what has happened to U.S. home values over the past 10 years, with declines between 2007 and 2011, and increases beginning in 2012 and continuing since then. In San Bernardino County, the median was up 12.3% to $320,000; in Riverside County, 7.5% to $357,000; in Ventura County, 2.7% to $565,000; and in San Diego County, 9.8% to $543,500. I’ve found in reviewing my own property value on Zillow’s web site over the past few years it just depends what month it is as to what Zillow value on my home is. I find that a $150,000 difference higher and or lower is quite alarming on a 30 day revalue estimate.
Locals will also be competing with outside insurance and construction workers who will likely move to Houston and stay for an extended rebuilding period, McClenny said. Geography determines house values on a micro level – which can be felt and seen first-hand by the everyday home buyer. Housing prices have increased in major metropolitan areas across America but, since 1997, the greatest percentage growth in home prices has been in the Bay Area. New England, an area which includes Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut, has changed +6.0 percent since twelve months ago.
However, the effect on home values of living in a high risk area is being felt in two high risk states — Florida and Louisiana— where home values are not rising as fast as in lower risk cities. The index lags other price indicators, but is widely considered the most reliable read on home values and offers a more accurate depiction of where the market is headed than the median price. But there are some areas where values are rising quickly as buyers bid up prices, real estate professionals say.
The process of providing financial and other information (such as employment history and proposed collateral) by a prospective borrower in order for the lender to preliminarily estimate how much loan the borrower may obtain for the purchase of a home. Seeing stable property values in even the less affluent parts of the county, and even seeing significant increases in places like Lemay, that strikes me as really positive news for the region,” Zimmerman said.