Friday, October 25, 2019 / by Jennifer Gilbertz
Its an exciting time to be a homeowner in the Spokane, WA real estate market. We have been in an unprecedented real estate market upswing over the last several years and we are considerably overdue for a market correction. However, with the continuing flow of new buyers moving from other areas that are taking advantage of our beautiful city and the affordable cost of living the real estate market slow down has been drastically delayed.
As a Spokane, WA realtor with Haven Real Estate Group I have personally had an influx of past home buyer clients that are now looking to sell and either upsize or downsize their current housing situation. If you purchased a home in the last 2-6 years, chances are you have a decent amount of equity that you have gained by being a homeowner in Spokane. This is exciting news because it usually takes at least 7 years in a normal housing market to have enough equity to benefit from selling your home.
There are several bullet points to consider when determining your home’s current market value;
1) What is your current mortgage payoff amount?
2) Have you done any improvements to your home since your home purchase?
3) What is your home’s current condition compared to other homes in your neighborhood including yard/landscaping/curb appeal?
4) Do you own pets?
5) When do you plan to put your home on the market?
Home’s current market value should not be confused with appraisal value or purchase price amount. A market value can be estimated by a licensed Realtor and is an estimation of what you could expect to sell your home for in the current real estate market. The purchase price could be more or less than the market value. This depends on the amount of experience your real estate agent has, specific marketing strategies for your home, and the dollar amount you initially list your home for.
Appraisal value is only assigned by a licensed appraiser. The appraised value is the most accurate value of your home and is used by lenders to calculate the amount of risk when purchasing your home and to determine how much if any equity there is at the purchase price amount you are buying or selling your home for. If a buyer’s lender has ordered an appraisal, this appraisal solely belongs to the buyer and their lender. Buyer is never obligated to share the specific appraisal amount unless this amount is less than the purchase price and they wish to negotiate the purchase price with the seller.
Lastly, the best way to determine your home’s current market value is to have a licensed real estate agent do a walk through of your home so that they can take note of all the specifics, amenities, and current condition. With this information they find recently sold comparables in your neighborhood that are similar in size and condition as your home. This will give you, the seller, an idea of what similar homes in your neighborhood have recently sold for.
As a homeowner it is always a great idea to have a market value analysis done yearly so that you can be abreast of Spokane’s current real estate housing market and keep track of your home’s market value.
For more educational blogs and videos related to our Spokane, WA real estate market please go to Jennifer.viewhomesinspokane.com