How Do I Find Out if My Home Has Appreciated?
In this topsy turvy world of Real Estate, sometimes we are not sure if prices are going up or down. One of the hardest stats to pin down is Appreciation. How can you know if your home has increased or decreased in value? The best way is to look at historical data over a period of a few years, then compare it to current market conditions. If that data is public information, then you can do the analysis yourself. In the Metropolitan Indianapolis area, that data is private information and is owned by the Metropolitan Indianapolis Board of Realtors or MIBOR. A Realtor who is a MIBOR member can provide that information to you. One method I have used is to calculate the average sales price for a neighborhood for each year over a 3 year period. Then when I have those numbers I compare them to current market activity. Is that average price point increasing or decreasing and by what %? An absorption rate is also a helpful tool. This ...
