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Howard Harris Real Estate Expert

Mortgage Rates



Do You Know The Current Value of Your Fountain Hills Home?

Jul 25

filed under: Market Conditions, Real Estate

So here we are almost 5 years since the housing market started its nose dive. So here’s the question I have for you, do you have any idea what your home is worth today. I hear all kinds of statements from homeowners, some say I own my home outright and I’m not moving so it doesn’t make any difference to me, yeah I know it’s not worth what I paid for it, well my neighbor just sold his for $$$$$$$ and mine has all these extra things so mine has to be worth $$$$$$$.

Fact of the matter there are many home owners in Fountain Hills that just don’t know what the current value of their home is. There is no question that it took a good three years into this housing mess for home owners to face the fact that their homes were no longer worth what they once were in 2005, 2006 and part of 2007.  Those that tried to sell their homes at unrealistic prices passed up realistic offers only to end up with a lower offer several months later as prices continued to head downward.

Now its July 2011, we have encountered the likes of short sales and foreclosures in our Fountain Hills neighborhoods like we have never seen before. It has only been in the past few months that the foreclosures are tapering off. Homes in all price ranges are selling and our Fountain Hills inventory for single family homes is very low. As of today we’re down to 317 residential properties, 190 of those are single family homes.

Time to think about selling. . . maybe. Some home owners do know the value of their homes and know that they cannot afford to sell, they owe more on their mortgage than the current value of their homes. By the way this fact is also contributing to the lack of replenishments in the market. If you are confident that you are not in this situation, there are a lot of Realtors® that probably have a buyer for your home right now.

Knowing the current market value of your home is pivotal if you want to take advantage of this “seller’s market” window of opportunity. I say window because I like many agents don’t know how many more foreclosures or short sales may or may not come on the market. I only know what is going on in the market now.

Even if you don’t need to sell aren’t you a little bit curious about your home value. As crazy as this sounds I think some home owners don’t want to know, they’re just fine in knowing its not worth what it was a few years ago. There’s the underlying feeling that even if it’s not worth what it was, prices will go up again and they’re  fine with waiting for that to happen. Of course there is nothing wrong with that thinking as long as it too is realistic.

If you would like to know the current value of your home, even if you have no intention of selling, contact me to talk about doing a home valuation.

Written by Howard Harris