I have been monitoring the Home Valuation Statistics on my home over the last several months, with an eye on selling it when "Market Time" for the area is </~90 days, and there are fewer "Comparable" homes in the vicinity to compete with my home on the market. Although when living back in Texas I had held a Real Estate Broker's License, that was a long time ago, and that was my home as well, so I had a pretty good handle on home valuations, costs per square foot for construction and the other factors that contribute to the valuation and appraisal of a specific property. Unfortunately, between complications in trying to deal with the VA (which is a whole other story, but I am betting that I am not the only one), as well as deciding if it would be more cost effective to considering using Medicare and my personal health insurance to seek care at private facility rather than trying to wade thru the swamp of VA paperwork, excuses, delays, etc. I somehow remain unconvinced that the VA financial model for costs of care pertaining to Veterans living within a specific catchment area must be calculated utilizing a Statistical Table of Survival rates so that they know which patients will die off during the documentation, and waiting in que for any number of procedures, plus there is always the issue that a Board Certified VA Physician is not available at a local VA facility, or if there is an availability, the number of procedures of the specific kind needed by a patient is lower that the median number projected when health care monitoring teams compile data for a successful, and positive outcome. Yes, there are statistics as to the relative rate of success in comparable procedure, e.g. Robotic Surgery vs. Non-Aided Physician/Surgeon Procedures. I'll not get into it here as I have already wandered away from the predicate question.
Using the USAA numbers for Home Valuation, my home lost thirty-three percent (33%) of its value over the span of two (2) months or a net loss >$100,000. I know that there is some market volatility, but I am familiar enough with the area to observe significant new home building within a three (3) to five (5) mile radius. The new(er) homes are closer to mine in both size, and amenities, but are being built on smaller tracts than that which I own here, and with an estimated valuation in the area being ~/>$10,000/acre, not considering that the concentrated and unified location is well suited to the being subdivided, and numerous Zoning Changes within the previously described area or zone within a radius of five (5) miles have resulted in Zoning Change requests being routine, and virtually always permitted without objection. Having based my estimated sale price for the home, going into the Winter months being a less desirable listing time, I had projected a net sale price (after the usual and customary six percent (6%) "Broker's Commission and a modest, but realistic estimate for a "Redecorating Allowance" and a reasonable allowance for the costs for what the usual simple improvements and minor repairs. This atypical drop in valuation renders all of those plans to move home null and void unless there is a projection of market recovery that indicates a rebound of a similar amount to offset the lost value in the interim period. Perhaps someone in the USAA Relocation Office can explain the cause of the radical change in values over such a short period of time, as well as considering valuation projections for ninety (90) and one hundred and eighty (180) days to provide member who are considering selling their house, &/or planning to relocate or return to their HOR when their military career has ended?
We can appreciate your concern over the fluctuations in value of your home. The information provided through our Home Value Monitoring is meant to help you study real estate trends in your area and is based on sales prices of similar homes in your area.
If you are looking to sell your home, USAA can assist with the USAA Real Estate Rewards Network. Please give us a call at 210-531-USAA (8722) to find out more about this program. Thank you. -Gus