When I’m working with a buyer and we find a house they like, one of the most common questions they ask me is what the house will sell for down the line.
My usual response? I don’t have a crystal ball—If I did, I’d be in Vegas betting on horses or blackjack. That’s meant to be a joke, but the truth is that I don’t know what the future holds. It would only be speculation to tell you with certainty what you’ll make on your home sale sometime in the future.
To answer questions about the future, we look to the past and cite historical indicators (appreciation rates, employment figures, inventory, etc.) to help you make an informed decision.
In general, if you told me you were thinking of buying a house that you would sell within a year or two, I’d be nervous whether you’d be able to cover the 7% or so in fees it would take to sell the house.
On the other hand, if you told me your timeline was three to five, five to seven, or seven to 10 years or more, I wouldn’t be worried—especially considering what we’ve done price-wise in our marketplace.
Pricing and appreciation are very local. Even in the same city, certain neighborhoods appreciate much quicker than others, depending on their desirability, which school district they’re located in, and the resident turnover.
The bottom line is, it’s very difficult to make blanket statements involving just one number. However, if you’re curious what you might get in terms of appreciation and want to look at some historical factors that will give you a good indication, I’d be happy to sit down with you and have a strategy session.
If you’d like to schedule a free consultation or you have any other real estate needs I can take care of, don’t hesitate to reach out to me. I’d love to help you.