Across the nation home values have increased significantly year after year for the past few years. We've seen national averages go up by almost 7% in the last year alone and predictions of approximately a 5% increase again over the next year. Once again I say these are national numbers. But do you know the true value of your home? You know, the one that you do the yard work on and come home to every evening and spend your weekends on the back patio having a barbecue with friends and family? Because that value is much more relevant to you than simple national numbers.
Home values in the Denver market have shown some of the greatest growth over the last six years and continue to increase dramatically on a month-to-month basis. But looking at equity in your home is sort of like owning stock. Unless you are ready to sell your home, you can't truly utilize the value that your home contains. So what is your home worth?
The first thing to do is to understand your neighborhood. Not just the signs you see in the yards but truly understanding all of the intricacies of the real estate market. This can include home sales that happen between family members at discounted prices, foreclosures , and even the rental market in your area. The second piece is to be able to be very honest in evaluating the quality of your home. Sure, we all love our homes and we have taken great care of them, but when was the last time you truly did upgrades?
Upgrades? Don't you mean updates? Upgrades and updates are completely different in that and update is something that needs to be done on a regular basis to maintain the quality of the home while an upgrade actually has the ability to add value to your home. Have you done or had either done recently?
Even if you aren't looking at buying or selling immediately, knowing the value of your home is always a good thing to know. An annual review or, even better, quarterly review can give you the peace of mind to know where you're at all the time. For your quick and thorough market analysis, contact us at the Simonson Team at 303–229–6026 or you can email us at firstname.lastname@example.org.