Your House Value is Going up $10 a Hour!

While reading my usual blogs this morning I came across a post on Inman News regarding a Real Estate Firm in Virginia that has a like a "real time" clock that is adding up by day what the average home is worth. You can see it here at DORdio.com The website says:

What does $ Loading... mean to you?
That is the average sale price of a home in the Northern Virginia area!

According to the Northern Virginia Association of Realtors (NVAR):

The average sales price in Northern Virginia in December, 2004 was $476,941, compared to $399,494 in 2003, an increase of 19.39%.

A 19.6% rise in home prices annually means a 1.61% rise monthly. This translates to a rise of $247.70 increase in value daily, or $10.32 per hour!

Make yourself a homeowner and use this increase to your benefit. Every hour you wait is costing you $10.32 in equity!

If you wait until December, 2005 to buy a home, and this trend of a 19.36% annual increase in value continues, the average home will cost $569,419.86!

Now Miami has increased approximately 26% in value... I will try to do the math...
26% means 2.17% per month. Average sales price is $446,100 This translates to a rise of about $300 a day....IF we continue on this trend....That is about a $100,000 a year. WOW