What's it Worth?

    What's it Worth?

    Jun 14, 2021

    By Becky Huebner, REALTOR®

    I just peeked at our hot sheet to check in on what’s newly listed, sold or pending. Inventory is still down, and prices are still up, up, up. These numbers make a person sit up, take note and wonder what their own home might be worth.

    Lincolnites have recently received notices from our county assessor with our new valuations. Many of those have made us sit up and take note of the size of those numbers, too.

    In this dynamic market, appraisers have their work cut out for them as lenders determine if a property is worth what it is contracted to sell for. More than a few properties have not appraised at that contracted sales price.

    For we agents, a property is worth what we believe a buyer will pay for it. The assessor has their formula and the appraiser theirs.  We can all be correct, and all arrive at different numbers. Value is in the eye of the beholder and value is a moving target.  Dealing with this disparity is part of what we agents do.

    But there is a fourth way to determine value of a house: its value as a home, your home. The value of a house is in the eye of the beholder, the value of a home is too. What is your house worth? The above will determine that.  You determine the value of a home.

    This market has created some nice opportunities to take equity out of a house. Will that opportunity be there in the future? Will we see a market adjustment or will the trajectory continue up? Your guess is as good as mine. The only thing I can weigh in on is market value for your home today. We good agents have our strategies for helping our clients capitalize on the opportunity and the challenge of this market.  Go or stay, move or modify--what is worthy of your life? Homeowners and hopeful homeowners, we are ready to determine the worth of a house, but only after you determine the worth of a home.