The latest edition of CoreLogic’s Home Price Index shows that nationally, home prices have appreciated 6.7% over the last year and 0.9% month-over-month. The release of the report included this headline,
“National Home Prices Now 50% Above March 2011 Bottom”
The real estate market has come a long way since 2011, which is great news for homeowners!
Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home’s value has appreciated.
Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year!
Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year.
Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,
“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”
Do you know what your house is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home? Let’s get together to perform an equity analysis and give you the freedom to achieve your dreams. Home Buying Checklist
What’s it worth? 3 questions about value-boosting home characteristics
Of the many questions we field from homeowners thinking of selling their homes, the most frequent starts with “What’s it worth?” Of course they’re referring to their home’s value, but even after that is determined, the “What’s it worth” questions continue. Following are three of the most common questions about items that may, or may not, add to a home’s value. Home Buying Checklist
What’s a view worth?
We typically get this question from a homeowner who just found out that his home with a gorgeous view is worth less than he thought. If two homes are identical and only one of them has a view, it’s a safe bet that the one with the view will be worth more. Home Buying Checklist
How much more? It depends on who you ask. Some real estate professionals claim there is no value in a view, yet others claim that the view may increase the home’s value by up to 15 percent over similar homes that lack one. Home Buying Checklist
5 Easy ways to Increase Your Property Value Before Selling
It’s funny how a house doesn’t feel like an investment until it comes time to sell it. All of a sudden, after years of living there, the thought of its value hits you upside the head. Hopefully, you’ve practiced good home maintenance over the years and can now focus on cosmetic changes to increase value. And these won’t cost a fortune because many are typical do-it-yourself projects. Home Buying Checklist
Lipstick on a pig
All the cosmetics in the world won’t make a pig look any prettier. Sure, if you choose those fixes carefully you can realize a tidy sum at the close of escrow. But, if the house has major problems, such as with the roof or heating system, you may end up giving that money back to the buyer for repairs. Home Buying Checklist