Here is a handy infographic courtesy of KCM crew and NAR. It show how much homes have appreciated nationally by region last year.  If I pick out a few neighborhoods here in Minneapolis/St. Paul you will find different numbers for each. For example the Mac/Groveland the average real estate price was up 10.3%, Southwest Minneapolis up 11.3%, with in Southwest Minneapolis Fulton was up 13.6% and Linden Hills was up a whopping 17% based on average sales price. The Longfellow neighborhood of Minneapolis also had huge price appreciation, it was up 16.1%. Within these number you would still need to determine if that was due to there being less foreclosure activity therefore the average price was higher, a mix of that and the market increasing, or if it was just straight appreciation.  The information was derived from the NorthstarMLS infosparks system. 

As you can see real estate is hyper local, even within neighborhoods certain price ranges with have appreciated at different rates. So, what is the best way to determine how much your house has appreciated?  Sites like Zillow are fun to play around with,  I look at them from time to time. There truly is no better way to determine what your house would sell for or how much it has appreciated than having a professional evaluate your home. It is almost impossible to determine an accurate value without physically inspecting a property. There are some things that an algorithm can’t determine. For instance, does the home have an odd floor plan, does it have a strong pet or smoke odor, what is the motivation of the closest competition, did they price it low for a quick sale? Is the head room in the basement or upper level really low? Or, are there unique qualities to the house that can’t be determined via square footage and location. There are a lot of things to consider when determining what a house is really worth. A thorough evaluation of the house and the market will get you on the right path for selling your house for the best possible price.

 

If you would like to determine what your home is truly worth, we are happy to help.  Just click here for a free home evaluation. No cost or obligation.

Cheers!

 

Real Estate Appreciation
What is my home worth?