Knowing your home’s value isn’t just for people thinking about selling their homes. Your home value can tell you all kinds of things that could impact your financial future now and in the long run. Consider the following ways knowing your home value can help you regardless of if you’re hoping to sell your home or not.
Most home values in the twin cities have gone up significantly in the past two years. You may be noticing your neighbors selling at the top of the market and wondering just how much they’re profiting. While lots of families are electing to sell right now, knowing your home value could simply mean you can refinance for a lower rate, shorter payoff term, and/or a lower mortgage payment. All of which will improve your standard of living and financial health.
You may have put off big maintenance projects over the past few years like many others. Knowing your home’s value helps you determine if taking out a home equity line of credit to make those improvements makes sense. You may simultaneously be able to lower your rate, make those wonderful improvements, and increase the equity of your home in the long run. Knowing your home’s value is vital in ceasing opportunities like this.
Understanding your home’s value helps you determine your current equity position. You can take this information to your tax & financial advisors for guidance on how to best capitalize on your current asset holdings.
Your home’s value could be high enough to justify home improvements in preparation for a sale in the future or you may find out that neighborhood prices don’t support such improvements. Either way – it’s smart to know where you stand with your largest asset before investing more or less into it.
You may just be surprised by how high your home’s value is – and if it’s high enough it may cause you to rethink all of the above options that you may have breezed over.
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For sale: Properties which are available for showings and purchase
Active contingent: Properties which are available for showing but are under contract with another buyer
Pending: Properties which are under contract with a buyer and are no longer available for showings
Sold: Properties on which the sale has closed.
Coming soon: Properties which will be on the market soon and are not available for showings.
Contingent and Pending statuses may not be available for all listings
