My home’s value increased 20% over the last year. Now I estimate at least 5% of the homes in my tract are on the market; I think a lot of it is profit taking. Will this influx of homes on the market tend to increase or decrease the rate of my value increasing?
Depends on how much demand there is in your market. Could deb that this new supply is only a dent in the supply/demand ratio or maybe it lowers that ratio significantly.
And it depends on whether you are talking long term or short term.
Watch Zillow
I recently had the place professionally appraised.
He carefully pulled up comp’s, adjusted for block-by-block desirability, added that this place has a pool/spa, deducted that said poll/spa need new plaster, came up with about 30-40 pages.
And a value within 2% of Zillow’s call on the day he visited.