Do You Know How Much Your Home Is Worth?

Do You Know How Much Your Home Is Worth?

In recent years, home prices have soared beyond the typical annual increase of 2-5%, especially during 2021-2022 when they jumped by over 20% due to high demand and low supply. This unusual growth means your home might have appreciated much more than expected.

Rapid Increase in Home Values

Historically, home values have risen gradually. However, the past five years have seen unprecedented increases, with national figures showing nearly a 60% rise, according to the Federal Housing Finance Agency (FHFA). This spike has significantly boosted homeowner wealth.

Here's a more detailed look at how much home values have increased by state, demonstrating the potential financial benefits if you're considering selling.

If you've hesitated to sell due to concerns about affording your next home with current rates and prices, consider the significant appreciation your home has likely experienced. This increase could substantially offset the cost of moving up.

Understanding Your Home's True Value

Your home has not only benefited from the exceptional price jumps of the past five years but also from steady growth before that. To accurately determine its current worth:

1. Local Market Conditions: The general appreciation rates by state don't reflect specific local market dynamics, which could further influence your home's value.
2. Home Improvements: Any renovations or upgrades can add significant value, and a local real estate agent can assess how much.
3. Professional Valuation: Consult with a local real estate agent who can provide a precise valuation by considering both market trends and the unique aspects of your home.

Bottom Line

Your home might be worth more than you realize. Interested in discovering its current market value? Let’s connect and get a detailed assessment tailored to your property.