How much has my home appreciated?
If you’ve owned your home for 10, 20, or even 30 years, you may be surprised by how much it has appreciated.
Many homeowners have a general idea of what their home is worth based on what a neighbor sold for a few years ago, a recent sale down the street, or an online estimate. But home values can shift quickly, and automated estimates don’t always capture the things buyers are willing to pay more for.
I’ve seen homes with nearly identical square footage sell hundreds of thousands of dollars apart. Why? Because buyers look at much more than bedroom and bathroom count. Location within the neighborhood, lot size, floor plan, natural light, privacy, views, outdoor space, updates, and overall condition can all have a major effect on value.
That’s especially true in neighborhoods like Rancho Park and Cheviot Hills, where homes that look similar on paper can be very different once you walk through the front door.
Your Home Equity May Be More Than You Think
If you’ve owned your home for many years, appreciation combined with paying down your mortgage may mean you’ve built significantly more equity than you realize.
And you don’t have to be thinking about selling to want to know what your home is worth.
Having an accurate idea of your current value can be useful when you’re:
Planning for retirement
Reviewing your estate plan
Making sure you have adequate insurance coverage
Deciding whether a major remodel makes financial sense
Considering adding an ADU
Thinking about downsizing or moving in the next few years
Simply keeping track of one of your largest financial assets
Online Estimates Are a Starting Point
Online home-value tools can be useful for getting a quick estimate, but they’re just that: an estimate.
An algorithm doesn’t walk through your home. It doesn’t know that your kitchen opens beautifully to the backyard, that your house gets exceptional natural light, or that the home around the corner had an awkward floor plan and needed $300,000 in work.
The market ultimately determines what a home is worth, but a good market analysis can give you a realistic range based on recent sales, current competition, your home’s individual features, and what buyers are paying for today.
Curious What Your Home Is Worth?
You can get an instant home-value estimate here on my website. If you’d like something more personalized, I’m also happy to prepare a complimentary market analysis based on your actual home and the current market.
There’s no obligation and no sales pitch. Sometimes it’s simply good information to have.