Almost every real estate market across the country has experienced a declining real estate market for the past few years.  The current state of our national economy has created a credit crunch but hopefully we are starting to see a turn around in the real estate market.  Mortgage rates are at an all time low and buyer qualification standards have eased a bit but the glut of foreclosed properties on the market has added to the decline in house values.  There still are pockets across the country that haven’t experienced the typical market declines that most parts of the country have.
According to the National Association of Realtors, the median value of existing houses across the country is down.  Generally, higher priced homes have witnessed a greater decline.  Many real estate forecasters feel that the worst is over with pricing tending to level out in many of the major markets.  Most home sellers probably still feel that their house is worth more than it is.  If you are considering selling, remodeling or refinancing, you are probably wondering what the current value of your home is.
There are a number of sources you can use to help give you an idea of the value of your house in today’s changing market.  Sources such as Zillo.com, Realestate.com or other sources can provide you with current market information of sold homes or homes currently on the market in your area.  You also can check properties in your area that are for sale in your local MLS and you can also gather sold information from recent sales in your area through the MLS.  Keep in mind that in most cases the property did not sell for what the asking price was.  You also can research the MLS to find out how long a property has been on the market as well as how many days did it take to sell.

In order for your house to be competitive in today’s real estate market, it must be priced realistically in order to find a willing buyer.  If you are a serious seller you can consider hiring an independent appraiser to determine the current value of your house, based on recent sales and currently listed properties in your area.  This appraisal will more than likely cost a few hundred dollars.  Keep in mind that you can consult a local Realtor who would be willing to do a competitive market analysis on your property.  There is not a cost or obligation for this service.
Property values are changing daily in every market across the country.  If you are selling, be sure to determine the fair market price for your house in order to be competitive in your market and assure you the best possible price in the shortest amount of time.