Buying a home is exciting. Trying to find the perfect house — one that fits the budget and all of the criteria buyers tend to have for their living situation.
But selling a home? It can be a little complicated to know when to sell, how to sell, and how much is reasonable to expect to get for the home.
Well, the rate of appreciation varies MASSIVELY by city, suburb, and even neighborhood… but the average in the U.S. is around 3.8% per year.
This means that we might expect a home that’s currently worth $200,000 to be worth $207,600 at this same time next year. Three years from now that house might be worth about $223,677.
That’s the magic of real estate appreciation.
If you’ve owned your home for a long time, though, then maybe it’s appreciated enough and it’s a good time to sell. After all, there is a point where a home’s age starts to negate its appreciation value — if you’re making a lot of repairs or updates to your home, then it’s likely that the appreciation rate of your property is waning.
Still, you’ll have to consider your market and your neighborhood to get a better idea of how much your home is going to appreciate over the next 5-10 years.
(And to be clear, there’s no guarantee of appreciation… especially if the market takes a turn.)
Hopefully, this info helps you make the best possible decision with your home!
If you do want to sell your house, though, then give us a call at 865-686-5338. We’ve been helping home sellers for a long time in Knoxville and we can make you a fair cash offer and close in as little as two weeks. We’ll even pay all closing costs!