Being the first of the year, this is a great time to know EXACTLY what your home is worth. Many of our clients use tools like Zillow to determine their homes value. They use these valuations to make important decisions such as:
- Selling
- Refinancing
- Remodeling
- Restructuring their overall debt.
The problem with relying on a tool like Zillow is that the range of the valuation you are giving can vary dramatically from reality. In fact, studies have shown that these Automated Valuation Models (AVM’s) are only about 75-80% accurate. So if your home was worth $500,000, that 75% accuracy would give you a 25% up or down range. In other words, your home is worth somewhere between $375,000-$625,000. That may be fine to predict general market trends, but it won’t help with any of those major life choices we’ve mentioned above.
We want to provide you with a free market analysis. In our experience, we can get you within 90% of your homes value without ever stepping foot on the property. If you need a more accurate value, we can schedule a listing consultation that will get us within 95%.
A lot has changed in the Boise area concerning real estate over the past 12 months. Low inventory, low interest rates and demand have driven real estate prices to all time highs. In fact, the average sold price has increased more than 30% in 2021.
Is now a good time to buy or sell your home?
- Interest rates are still near all time lows, BUT experts suggest they will increase before the end of 2022. A 1% increase in interest rates can weed out 25% of potential buyers.
- Homes have never been worth more! Over the last 12 months, home prices have increased more than 30% year over year. You likely have a large amount of equity!
- Inventory is still low and cannot keep up with demand. Prices are expected to increase throughout 2022.
Everyone’s situation is unique and we believe it’s important that you are fully educated about yours.
Do you have questions about your specific real estate situation? Please don’t hesitate to contact our team at 208-391-5117