5 Key Reasons to Know How Much Your Home is Worth!

How much is your home worth?  That is the question!  For many of us, purchasing a home is one of the largest investments we will ever make.  In order to safeguard this investment, we must stay abreast of our home’s value at all times.  Here are 5 key reasons you should know how much your home is worth today.

1. Your home is an investment.  If you invested $1,000 in the stock market, would you monitor your return on investment (ROI)?  Your home should be treated with the same zeal. Your home is probably worth hundreds of thousands of dollars.  Therefore, you should monitor your housing investment just as you would your investment portfolio.
   
   
2. You should avoid over investing in your home.  Over investing in your home can be easily accomplished if you do not know your home’s value.  While home repairs and improvements are often warranted, you should avoid making improvements that add “nothing” to your existing property value.  You should also know that each time a property is sold in your neighborhood, the sale could negatively or positively affect the value of your home.  For example, if your home was last valued at $200,000 and your neighbor’s home (which is very similar to yours) just sold for $150,000, it is probably not a good idea to invest in granite countertops and stainless steel appliances as you would not receive an adequate return on your investment.  To avoid over investing in your home, find out how much your home is worth before making any improvements.
   
   
3. Your HELOC may be negatively affected.  If you currently have a home equity line of credit (HELOC) on your home, it may be suspended due to a decrease in your home’s value.  Knowing how much your home is worth along with a quick review of your HELOC can help you avoid any unpleasant circumstances.
   
   
4. Your home’s value may affect your ability to refinance.  Homeowners often refinance their homes to pay for home repairs and renovations, unexpected medical expenses, bill consolidation, and other expenses. However, existing market conditions and home sales may leave you void of this option as your home may lack sufficient equity to qualify for refinancing. Knowing how much your home is worth can put you on the path to finding alternative solutions if refinancing is not an option for you.
   
   
5. You can have your home evaluated FREE.  Whether you are planning to sell your home now or sometime in the near or distant future, I am happy to evaluate and determine your home’s value at no cost to you.  Simply follow the link to request your free home evaluation today!                                                                          
   

If you are interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia and Maryland, please contact me for assistance.  My specializations include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, relocation, and divorce.  Search MLS Listings now.

Lisa Dunham, MBA, CDPE, ABR, ePRO 
Allison James Estates & Homes 
703-298-6546 (Mobile) 
Lisa@LisaDunham.com
www.LisaDunham.com