Well, it is January of 2020, the start of a new year and a new decade. This is the time of the year when many of us assess and reset our personal and financial goals as well as make plans for the year to come. We all know that if you own a home, it is likely the largest single asset in your financial portfolio. But, many of us don’t have a clear picture of what that asset is worth, the local market conditions affecting it or how understanding these things may help us to achieve our 2020 goals. Maybe you are considering upsizing or downsizing, applying for a home equity line for a home remodel, possibly using some of your property’s equity to fund a personal or business goal, or simply want a better understanding of what your overall financial picture looks like. Having a clear understanding of your home’s value along with local market conditions is key in any one of these circumstances.
Just as many of us book a visit with our accountant, banker, doctor, etc., on an annual basis to stay on top of our financial and personal health, it is also a good idea to schedule an annual Real Estate Review with your real estate adviser to keep track of your home’s value as well as the market conditions in your area. A Real Estate Review is not a proposal for sale but simply an overview of sales, trends and market conditions in the past year that are relevant to the value of your home. A trusted real estate adviser, in most cases, your local realtor, will most likely be happy to provide you with this service at little or no cost to you.
There are a number of sound reasons to keep track of your home’s value along with the local market conditions affecting it on an annual basis. First, it gives you a clearer understanding of your whole financial picture. If you own stocks, you know exactly what the shares are worth, even if you aren’t considering selling them. Why shouldn’t it be the same for your home? Secondly, it can provide clarity and peace of mind if you may be considering taking money out of or putting money into your home in the coming year. Third, it is fun! We are in an ascending market and it’s exciting to see investment gains on a year-to-year basis.
So, as you set goals and make preparations for 2020, you may want to consider a Real Estate Review as an integral part of this process. Contact your local real estate adviser to schedule an appointment for your annual review. They will be happy to help.
Here‘s to a successful and prosperous new year and the hope that a better understanding of your real estate investments will help in achieving your goals in the year to come. FBN
By Dylan Kennedy
Dylan Kennedy is the associate broker of Russ Lyon Sotheby’s International Realty in Flagstaff, located at 1750 S Woodlands Village Blvd. #200. Reach Kennedy at 928-779-5966 or Dylan.kennedy@russlyon.com.
