Housing prices are just one of the many things that are entirely different than they were years ago. The pandemic of the last few years has changed many parts of our lives, and one especially noteworthy aspect has been housing prices. If you’ve owned your home for decades, this might not be something you’ve realized. With that in mind, even if you bought your home only a few years ago, the price it would have on the market today might be much higher than you initially expected.
The market isn’t the only thing that makes your house worth more than you might have guessed. If you aren’t sure what else might be determining your value, here are a few more reasons why your house might be worth more than you would have guessed.
Not All Repairs Have To Cost You
If you’ve considered selling your house at any point shortly, the thought of getting things up to code or fixing repairs you might not even be aware of might have you dreading the whole idea. What’s going to make that seem a little easier is the knowledge that just because there’s the preparation needed, that doesn’t mean it’s going to cost you as much as you expected. That’s extremely fair, given how long and drawn out the process can be.
The assistance options you have will vary depending on the value of your home and where throughout the United States you’re located but looking into options is worth your time. For example, just because you’ve got that leaky roof doesn’t mean it has to impact the value of your home. A grant for roof replacement could mean the worth you were hoping your home had is attainable.
Inventory Is Low
This caused the average home price to soar in 2020 and is still one of the most significant impacts on the market today. While it is unfortunate for buyers, especially those looking for their first-time home, it’s nothing more than simple economics. The less of something there is, the more valuable it becomes.
As the world suddenly stopped due to covid, the inventory became scarce, and there was never the buffer for inventory to return to what it looked like in 2019 and the years prior. Demand has stayed high to a level that means inventory hasn’t been able to grow. That means homes have only been able to trickle into the market.
Time In The Market
There will always be outliers for home prices that crash due to economic hardship in the zip code, or sometimes even larger areas, of where the house is located. That is always possible when purchasing a home, but fingers crossed that is not the case where you live. Given most people are taking out 30-year loans on their homes, they are still thinking about what the house cost when they purchased it.
Even if the area you live in has not seen wild economic growth, your home will still be assessed at a higher value than when you bought it. The amount higher will depend on various factors, such as time and location, but the longer you’ve owned your home, the more you might be surprised at its value.