In a general sense, your property’s value
will increase and decrease along with the overall economy and market conditions. No one has any control over that; it just depends on what the dollar is worth, on inflation, on the amount of unemployment here and in the rest of the country, etc.
Still, the specific value of your home only matters when you want to sell it or borrow against it. The rest of the time its value is just on paper, and the exact worth is anybody’s guess. In real dollars, your property is worth exactly what a buyer is willing to pay and what you are willing to accept at the time you sell it – not more and not less, not sooner and not later.
So realistically, no one can tell you, “I don’t care how much people are paying; it’s not worth that much!” If buyers ARE paying it, and lenders are supporting it, then it HAS to be worth that much. (And if they aren’t, it isn’t!) The other major factor affecting the value of a property is the reason for selling. Not a “stated” reason, mind you, but the seller’s actual reason. The stronger the reason, the more realistic the price and the more likely the sale. However, the weaker the reason, the higher the price and the less likely the sale.
What does this mean for you? Simply call or email and let me give you some realistic guidelines as they pertain to your own unique circumstances.