If you’ve tuned into the news recently, then you’ve probably seen reports about how home values continue to rise. In fact, according to the National Association of Realtors, the median home sales price increased by 16.9 percent in 2021 – the highest increase ever recorded. So what does this mean about the value of your New York home? And how does this increase affect buyers, sellers, or even those who aren’t planning to move right now? Let’s take a closer look.
You’ll know how to price it competitively
If you’re preparing to put your New York home on the market, then you obviously need to know how to price it correctly. Determining the right selling price can make a big difference, even in a seller’s market. Price it too high, and you risk alienating potential buyers. Price it too low, and you could leave thousands of dollars – or more – on the table. Pricing it just right means enticing many buyers, selling quickly, and realizing a profit you’ll be happy with.
You can predict a home’s selling price
On the other hand, knowing the value of a home can also help you if you’re a buyer. If you’ve already been in the market, then you know how competitive it can be. Demand for houses has been outstripping supply since the early days of the pandemic. When you put in an offer on a home you could potentially end up in a bidding war with another buyer. By determining the current value of a home, regardless of its listing price, you can more accurately predict what that home’s final selling price might be. Then you’ll be more prepared with your budget so that you can narrow your search to homes you know you can afford once you get to the closing table.
You can better leverage your equity
But it’s not just buyers and sellers who should know the value of their homes. Even if you’re planning to stay in your current New York home for the time being you can benefit from finding out what your home is worth. With home values on the rise, you no doubt have much more equity in your home now than you did a year ago. Knowing this, you can leverage that equity to your advantage. Do you have any projects you’d like to fund, such as home improvements or even educational expenses? Then you can use your equity to qualify for a home equity loan or a home equity line of credit (HELOC) to pay for those things.
Discover the value of your New York home now
Would you like to know the value of your home, whether you’re buying, selling, or staying put? Fortunately, it’s easier than ever! Simply visit our website at https://kellernewyork.com/home-valuation/ and fill out our three-step form. In just 30 seconds you’ll receive a comprehensive home valuation report. There are no strings attached and best of all, it’s FREE!
Contact Keller New York today!
If you’re ready to buy or sell a New York home, then contact the Keller New York Bronx office at 718-697-6800 or the Eastchester – Scarsdale office at 914-713-3270 today. Our team of experts is standing by to answer all your questions and to help you with every step of your real estate journey!