Home values may be up nationally but what does that mean in the west metro? More importantly, how does that impact your situation?
Recent headlines paint a rosy picture for home valuations:
Home prices are on an epic run - CNN Money 4/24
Home Prices in 20 US Cities Rise by Most Since Mid-2014 - Bloomberg.com 4/24
And yet these national surveys are driven by a data set that is focused on major cities-- noting large upticks for San Francisco, Seattle and Las Vegas. This begs the question, where are values here at home? More importantly, what does that mean for your personal situation?
The answer to the first question is positive news. In general, west metro values are faring well. While supply at some price points remains subdued, an active market is pushing valuations higher. These factors have combined with a late start to spring and low interest rates (for now) to drive continued price momentum.
West Metro Average Sales Prices
March 2017 |
March 2018 |
Change |
|
| Plymouth | $368,713 | $402,086 | +9.1% |
| Minnetonka | $380,512 | $409,065 | +7.5% |
| Maple Grove | $303,290 | $319,543 | +5.4% |
These numbers taken at face value indicate trends that approximate or in some cases exceed the national trends.
Your Personal Situation
The answer to question two regarding how your personal situation looks is the often less-than-satisfying, "it depends".
The best way to help understand what your home might sell for is via a walk through, review and discussion with an agent who can provide a Comparative Market Analysis. Zachary Adams specializes in providing these for his prospective clients. His report can spell out a proposed listing price along with the metrics that led him to that number along with actions you can take to increase it.
Major factors include:
- Similar homes listed for sale
- Recent sales of comparable homes
- A review of listings that failed to sell
The report will not only offer guidance for next steps, it also delivers a chance for Zach to share the various components that went into the analysis. In this manner he can “show his work” and how he arrived at the valuation.
Perhaps even more valuable, Zach will also provide a companion piece called a Net Proceeds Report that will spell out how a proposed sales price might work out with your mortgage balance, potential closing costs and other factors included.
This delivers the bottom line of all bottom lines-- the amount you would net on a sale. This can help you define a clear path forward, make a decision on how to proceed and begin to vet new homes using realistic numbers and scenarios.
Getting Started
A first step to begin this process is to apply for an instant valuation on the Zachary Adams and Associates website. This is an online process that takes less than five minutes and can offer a quick snapshot value for your home.
Following the instant valuation, Zach will contact you to do a deeper analysis on your property and complete a Comparative Market Evaluation along with a Net Proceeds Report. When he assesses your home he'll also be on hand to answer any questions you have about the process. His extensive experience can help give you not only answers to questions but the confidence to define a clear path forward.
For more information contact Zach directly at 612.656.9647, or simply click through and request an online instant valuation.
Your new home is out there, making it a reality can be easier than you think. Defining your starting point is an important first step.
