"Then when WILL my house be worth $X ?"....said the Would Be Seller...
There are many "would be sellers" everywhere that are "thinking" about selling their home until they meet with a REALTOR who presents them with a Current Market Evaluation of their Home. I know that I have gone on several Market Evaluations where the seller was not happy with the suggested list price. The following article has some very good points to consider even if you don't need to sell your home.
We were on a listing appointment the other day...and the gentleman seller had a nice home in a great location. He no longer wanted to deal with winter in the midwest and spent time in warmer climates. Summers here did not require the size home he had and maintaining it year 'round. His financial picture did not require him to sell the house....and much like many other sellers, he had a number in mind that he felt it was "worth." Sadly, the "worth" number and the number indicated by the CMA as a list price were tens of thousands of dollars apart.
"I don't have to sell right now...when WILL my house be worth.....$X."
My crystal ball is ohhhhh so foggy....appreciation....decline....neighborhood foreclosures or short sales that may influence the appraised price....hmmmmm...
In the "olden days" of just a few years ago...we will remember using an appreciation percentage of 6% and watching the first time buyers'eyes light up . The question then was sometimes..."When was the last time you saved $6,000 ?" and we could show them how this was possible for every $100,000 they spent....that was then and this is now...
Not "having" to sell is a wonderful thing....adding the property taxes, insurance, utilities, maintenance inside and out inclusive of landscaping an snow removal and multiplying by X no. of years....the question has changed...from how much you can save....to how much and for how long do you want to spend $X.
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