Has the value of your property gone up in the last year? According to an article published in The Seattle Times on Friday, March 15, 2013, entitled “Look what’s back in your house now,” property values around the country are on the rise. Depending on where you live, the market value of your home may have risen enough in the last year that you now have positive or break-even equity.
As you know, many property values declined dramatically during the last 5 years. However, according to Federal Reserve data, net equity holdings in American homes have jumped since spring 2011. According to Doug Duncan, Fannie Mae Chief Economist, the recent jump in equity holdings “puts us back on track toward where we were before the crisis,” and represents a “transition to normal” conditions in the housing market. Though some local markets have made double-digit gains, other increases have been more modest making up for some of the losses in prior years.
In another article published in The Seattle Times on February 26, 2013, home prices in 19 of 20 cities that were tracked in 2012 posted year-over-year gains. The 20 city composite index rose 6.8 percent in 2012. Since home price increases help the economy by encouraging people to buy houses, encourage people to sell their homes, encourage new construction, and encourage building industry growth, increased property values are a tremendous boost for the country.
If you’re wondering about the current value of your home or the homes in your area, there are variety of resources. You can use our “Assessor and Property Tax Records Resources” website to find links for the “assessed value” of your property, or sales of comparable properties, which more closely reflects current market value. Many counties around the country offer online reports of property sales or searches of property sales within their jurisdictions. For instance, San Diego County provides an online search of sales by specific areas using the property parcel number. In Bay County, Florida, you can search property sales by section-township-range, sales date, sales price range, property type, or neighborhood. Many Michigan counties, including Clinton County, offers a comparables search website which can be searched by sale date range, price range, year built range, or neighborhood. In Nevada, Washoe County provides sales reports by year which includes parcel number, address, sales date, and sales price. Benton County, Oregon also provides available property sales by year as does Kittitas County, Washington, by area and year.
Using the available links to a variety of great resources, you should be able to get an idea of property sales in your area and an estimate of your property’s worth. You can also search other types of public records including land records, deeds, assessed value of property, and more using our “Free Public Records Search Directory.”