Over the past few years, you’ve probably seen a whole lot of headlines about how home prices keep going up. And if selling has been on your mind, this could mean a bigger than expected payday when you list your home on the market.
Hi, I am Terry Tucker with eXp Realty, and I’m a 27-year veteran of real estate in the San Ramon Valley and beyond!
Home prices have risen dramatically over the past five years but have you ever stopped to think about what that actually means for your home? Let’s break it down.
Typically, home prices appreciate about 2 to 5% a year. But in 2021-2022, post-pandemic, things got wild. The housing market was seeing double-digit increases in home prices and at the peak, prices rose by a staggering 20% or more nationally. What happened was there were way more buyers than homes available and mortgage rates were at an all time low, in the 3% range. This sent prices soaring and a frenzy of buyers in the market, which is a simple case of supply and demand.
While things have normalized since then, you still get to reap the benefits of rising home prices. Most likely, your house has gained way more value than it normally would in such a short period of time and that means more wealth for you. You may be sitting on a large amount of home equity.
So, if you have been on the fence about selling, now might be the perfect time to cash in on those gains and take advantage of the market’s upswing. Your home just might be worth far more than you think and now more than ever may be a good time to take advantage of this changing market.
If you would like to know more about recent sold comparables in your area and pricing, reach out to me today so I can prepare a complimentary free home valuation for you. Let me help you strategize your next move!
I’m Terry Tucker and I’m ready when you are!
