The Door County real estate market has been a bit fast & furious the past year. Will it slow? Should you wonder how much your home, condo or piece of land is worth, even if you don’t plan to sell. Read some thoughts on the market and what your Door County property might be worth.
Even If You Are Not Contemplating a Sale
If you are planning to sell your Door County property, of course you want to know how much it is worth—where might it position successfully in the Door County real estate market now. Even if you are not considering a sale, you might be surprised to know that you have more equity in your Door County property—home, condo, or piece of land—than you think.
What is Real Estate Equity
What is equity when it comes to real estate? Equity is the difference between your mortgage or other debt on the property, and the property’s fair market value.
What Can I Do With Real Estate Equity?
What can you do with your Door County property’s equity? You can do nothing, just resting secure in the fact that you have it should you even need it. If you carry Principal Mortgage Insurance (PMI) something lenders require if you did not have 20% down (in equity) at the time of your property purchase, you can cancel that and save the money each month. Or you might enter into a second mortgage or home equity line to do some remodeling, pay for a college education, or that trip around the country or world.
How Is Equity Determined
How do we determine the value of your property?
Several factors and conditions are considered when establishing the value of your property at any given time—the right price for the real estate market conditions at the time.
How much Door County property is on the market like yours—homes, condos, or land.
Location—are you on the water, close to a desirable school, within walking distance to town, have a lot of privacy—there are so many factors that play into location.
Condition—square feet of living area or acreage of the property, age of the home or condo, building covenants that might apply to vacant land, and in an improved property such as a home or condo the condition of the interior and exterior.
Zillow Zestimates and Instant Home Values
You might check out your property’s value on Zillow with their Zestimate. You can click here to request an instant home value estimate.
Speaking with a Realtor will provide you with the most accurate information. The Zillow Zestomates and instant values are based on properties sold in the general area—in Door County no two properties are alike, especially when it comes to homes, so those instant values are probably not providing you the best information possible.
So, feel free to request the instant value and I’ll get that to you. If you want to talk further I will be pleased to talk—no obligation to you.
What’s Sold In My Area? What’s for Sale In My Area?
Email me at email@example.com and I’ll be happy to provide you with a summary of sold properties in your general area and with similar characteristics to yours.
Email me at firstname.lastname@example.org and I’ll send you a summary of available homes, condos, or vacant land in your general area and with similar characteristics to yours.