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Predicting the value of your home

SHELDON PALEY
Contributing Columnist
paley@lbknews.com

Can I predict if the home I purchase will hold or gain in value?

This is something your realtor can help research for you. They will have access to national and local data that provides longitudinal and demographic information. Agents and their respective offices have many tools to analyze both short term and long-term gains or losses in any given zip code or neighborhood. One of the most frequently used informational sites is Trendgraphix which is available to realtors in the Sarasota-Manatee area who have purchased access to the site. The Sarasota Association of Realtors also provides its member realtors with market trends, as well as current and historical data about home values based on sales prices. RealtyTrac.com is also a source of information about trends in the marketplace. The Mid-Florida Regional MLS provides member realtors with specific and general property history. The MFR also allows realtors to access tax records for any given property and get data related to assessed and market values over the past 5 years. Any of this information can be made available by your realtor to the serious buyer who finds a home that meets their specific criteria.

For the general public, property histories found on Zillow.com or realtor.com or other home buying websites can also provide an estimate of sales for a particular property or neighborhood.  The past five to six years have been somewhat of a roller coaster with prices peaking unrealistically at the height of the housing “bubble.”

Followed by years of consistent decline in value, it has been difficult to accurately point to a specific home value for any given property. The next few years should provide a more stable picture of property values and their true appreciation or depreciation. Factors such as inventory available at different price points as well as the prevailing mortgage rates may influence sales prices to some degree and may alter the true appreciation/depreciation possibilities.

Sheldon Paley, a resident of Longboat Key for 20 years and a realtor for 13 years, is affiliated with Premier Sotheby’s International Realty. Prior to moving to Longboat Key, Paley attended Ohio State University; U of Pennsylvania School of Dentistry and Harvard Medical School for 18 months for a degree in Implantation.

 




 

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