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Value of your home headed up?

Posted by Scott Van Voorhis December 24, 2012 08:41 AM

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Lump of coal. That is what homeowners found in their stockings last year, having seen the value of their castles fall yet again during 2011.

But this holiday season should be a happier one for homeowners, including here in the Boston area, thanks to a significant rise in home values during 2012, Zillow reports.

The housing market nationally gained $1.35 trillion in value over 2012, a 6 percent gain. That's compared to a $792 billion drop last year.

In fact, it was the first overall gain in overall value of the U.S. housing market since 2006, according to Zillow.

The overall value of Boston area real estate rose by a nice $15.7 billion in 2012, to $511.6 billion, or a roughly 3 percent gain, the survey finds.

So what's the point? Simply put, rising values opens up new opportunities for homeowners looking to move up in the market.

After all, you can't move up if you can't sell the home you are living in now for a decent price.

Is your house worth more than it was last year? And do rising values have you tempted to try out the market in 2013?

I am taking the day off tomorrow - see you back here on Wednesday.

Happy holidays!

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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