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Is my home value going down?
How do i know if my home value is going to hold steady or go down? I am so worried that we will try to sell in a few years and we won't get what we paid for it.
Asked By Tim | Kalispell, MT | 10 views | Market News Trends | Updated 1 day ago
Answers (2)
Chris Nevada
Nevada Real Estate Group - LPT Realty
Home values go up and down with the local market, interest rates, jobs, and how well the home and neighborhood are maintained, so no one can guarantee your price in a few years.
To get a real sense of your value trend, watch what similar homes near you are actually selling for right now, not just their list prices, and have an agent update a market analysis for you at least once a year.
In many areas, most owners who’ve held their homes for several years still sell for more than they paid, but people who bought very recently in softer markets (including parts of the West) are at higher risk of selling at or below what they paid if prices slip.
To get a real sense of your value trend, watch what similar homes near you are actually selling for right now, not just their list prices, and have an agent update a market analysis for you at least once a year.
In many areas, most owners who’ve held their homes for several years still sell for more than they paid, but people who bought very recently in softer markets (including parts of the West) are at higher risk of selling at or below what they paid if prices slip.
- 1 day ago
Helpful (0)
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Lisa Carter,
RE/MAX Results
That’s a very smart question, and honestly, a lot of homeowners are thinking the same thing right now.
The good news is that home values typically don’t move in a straight line. Real estate markets naturally go through periods where prices rise quickly, level off, or adjust slightly. What matters most is the longer-term trend, and historically real estate has continued to appreciate over time in most areas.
If you’re planning to sell in a few years, that actually works in your favor. Short-term fluctuations tend to smooth out over time, and homeowners often continue building equity through a combination of market appreciation and paying down their mortgage.
A few things that really influence your future resale value include:
• Inventory levels in your area (how many homes are competing)
• Interest rates and buyer affordability
• Job and population growth nearby
• The condition and updates of your home compared to others
One of the best things you can do is periodically review recent comparable sales in your neighborhood rather than relying on national headlines about the housing market. Real estate is very local, and values can behave very differently from one area to another.
If it helps, many homeowners like to check in on their home’s value once or twice a year so they can understand how their equity is trending and plan ahead for when the time comes to sell.
Planning ahead like you’re doing now is actually one of the best ways to make sure you protect and maximize your investment.
The good news is that home values typically don’t move in a straight line. Real estate markets naturally go through periods where prices rise quickly, level off, or adjust slightly. What matters most is the longer-term trend, and historically real estate has continued to appreciate over time in most areas.
If you’re planning to sell in a few years, that actually works in your favor. Short-term fluctuations tend to smooth out over time, and homeowners often continue building equity through a combination of market appreciation and paying down their mortgage.
A few things that really influence your future resale value include:
• Inventory levels in your area (how many homes are competing)
• Interest rates and buyer affordability
• Job and population growth nearby
• The condition and updates of your home compared to others
One of the best things you can do is periodically review recent comparable sales in your neighborhood rather than relying on national headlines about the housing market. Real estate is very local, and values can behave very differently from one area to another.
If it helps, many homeowners like to check in on their home’s value once or twice a year so they can understand how their equity is trending and plan ahead for when the time comes to sell.
Planning ahead like you’re doing now is actually one of the best ways to make sure you protect and maximize your investment.
- 1 day ago
- Helpful (0)
- Unhelpful (0)
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