A quick market update and a few ways to find out what your home is worth.
Many of you have reached out and asked, “What’s my home worth?” So I figured I’d give you a quick update on our market to help answer that question.
The short of it is that home prices are up everywhere. Until inventory increases, home prices will continue to rise steadily. Plenty of people have taken advantage of this by refinancing. However, that might not be an option for long.
We’ve already experienced true interest rate hikes this year; they climbed from 2% to 4%. Historically, 4% is still a fantastic rate, but we expect more increases. The Federal Reserve said they want to do two or three more rate hikes this year, so our interest rates might hit 5% by the end of 2022.
If you want to know what your home is worth, I have a free tool that can tell you! You can find it on my website or follow this link. I pay money for this tool, but it is free for you. I know that there are a lot of other online estimates you could use, but keep in mind that they’ll give you a much broader view. The estimates we use are based on neighborhood sales, while those free tools use the whole city.
"Until the inventory increases, home prices will continue to rise steadily."
If you want a more detailed price, send me pictures of the most recent upgrades or remodeling you’ve done so that I can factor in what the algorithms can’t. If you’ve knocked down a wall, remodeled the bathrooms, or maybe even put in a pool, that could increase your home’s value.
If you’re thinking about selling in 2022, I’m here for you. I’m still selling houses at record-breaking prices, and I’d love to do the same for you. If you have any questions, feel free to call or email me. I hope to hear from you soon.
