Many factors go into determining your home’s value, but there are some easy steps to take that will help it increase! Whether you’re looking for a higher value to sell or want to maximize equity for future improvements, increasing the value of your space is never a bad idea. 1. Declutter / Create Functional Space
Cleaning and thoroughly decluttering a space makes it feel larger and more functional, while allowing the appraiser to better see the finishes of each room and assess the “quality of construction.” 2. Increase Energy Efficiency Lower utility bills are attractive to any homeowner, and energy solutions are often simple! Installing energy efficient appliances when replacing old models (especially when replacing furnace and ac units), swapping out incandescent bulbs for LEDs, applying caulk/weatherstripping around drafty windows and doors or installing a smart thermostat are all great areas to begin. In CT, Eversource offers energy efficiency assessments but the cost and availability does vary depending on your location. 3. Fresh Paint A fresh coat of paint can breathe new life into a dated interior or exterior. Sticking with neutral colors is a safe bet when looking for resale value. 4. Curb Appeal Improving the curb appeal can make a big difference in your home’s value. Power washing areas like the driveway, walkway or siding, making sure the lawn is mowed and hedges are trimmed all make a difference. Even small touches add up – a fresh coat of paint for the front door, replacing outdated exterior light fixtures, freshening up the mailbox paint or house number all tell a story about how well the inside is cared for. 5. Tackle the To-Do List Taking care of the minor repairs that have been adding up on your to-do list will help improve your home’s “Effective Age” rating. Leaky faucets, cracked trim, torn screens and holes in drywall are all fairly easy repairs that can have an immediate impact. Making sure smoke and carbon monoxide detectors are installed and functional is an important safety feature. 6. Make an “Improvements List” You did all the work, now make sure it’s noted! Create a list of improvements and repairs you’ve made to your home with the dates completed. Give a copy to the appraiser and this will ensure they don’t miss a thing when completing their final analysis.
When filing for bankruptcy in the state of Connecticut, a house appraisal is usually required. The appraisal helps determine the fair market value of the home and determine payments to creditors. The court will also need to know if your home equity exceeds Connecticut’s homestead exemption.
Appraisals are not always necessary but attorneys will typically recommend one if you have significant equity near the exemption limit, the home’s value is unclear or fluctuating or if there is a risk that the trustee might disagree with your valuation.
A benefit to having a professional appraisal in the case of a bankruptcy is that the appraiser can be called into court to defend their report if the value is questioned. This relieves the homeowner from the pressure of having to prove this valuation independently, often an intimidating task.
A real estate trust is a legal arrangement where a trustee holds title to property on behalf of beneficiaries and is common in estate planning. A trust allows for asset management, protection from creditors and avoiding probate (allowing property to pass directly to heirs without moving through the court process).
A real estate trust department manages, holds and administers real estate assets on behalf of clients, acting as a fiduciary. These are typically found in banks, trust companies and large law firms. The trust department facilitates transfers and sales and hold property in trusts for similar purposes as above.
We often perform trust appraisals for estate tax purposes, asset distribution to beneficiaries, accurate trust funding and legal compliance within the trust department. The values can be as of current date, or retrospective (typically date of death).
We are often asked by homeowners what they need to do to prepare for the appraiser’s arrival at the property. Generally speaking, as long as the home is accessible and safe, there is nothing required for the appraiser to do their job. They will need access to all interior rooms and the exterior of the property including any outbuildings and garages.
Remove clutter: If there are safety issues or inaccessible areas due to clutter, this will need to be removed prior to the appraiser completing the inspection.
Document updates/repairs: If you wish to provide a list of improvements, updates and repairs this is always helpful information. Remember to include the year each item was completed.
Finish work in progress: Sometimes homeowners have updates or repairs in process (or scheduled) when they decide to have an appraisal done. It’s typically best to have this work completed prior to the appraisal.
Safety Check: Make sure you have smoke and carbon monoxide detectors installed and that they are functioning properly.
Pets: Any loose furry friends should be safely removed from the house or contained for safety and to minimize distractions. If you are wondering whether or not you need you to do anything specific prior to your appraisal appointment, never hesitate to ask! Your appraiser will answer any questions you have to make sure you are ready.
At the beginning of a new year many homeowners are making decisions about their housing. Spring is a popular time to list a property with the hopes of selling and being settled before the next winter sets in.
2025 continued to be a hot market for our state, with supply staying low and demand staying up.
In Hartford county, the average single family home sale price increased by 6.2% from 2024 ($430,393 in 2024 to $457,025 in 2025), and the percentage of list price received (ie: what a property sold for vs. what it was listed for) declined slightly by 0.1% but was still at 103.3%. New listings decreased by 4.2% and closed sales declined by 10.6% with a corresponding drop in “months supply” by 5.6%. (Data obtained from the CT SmartMLS).
So what is in store for 2026? Currently, home prices are projected to continue to rise. Hartford (and its surrounding towns) was just named the nation’s hottest housing market by both Zillow and Realtor.com due to severe inventory shortages and strong buyer demand. This is continuing the trend of bidding wars and sales over asking price. To put the supply demand in perspective, our market continues to have a supply that is 63% lower than its pre-COVID levels.
The good news for buyers is that 30-year mortgage rates are projected to gradually decrease from 6.1%-6.4% to the high 5% range.
With a market that continues to be as challenging as the one we’ve been in, it is always a good idea to get professional opinions when deciding whether it’s the right to time to sell or make updates. We are always here if you have questions and need a valuation completed on your property!
When going through the process of a divorce, it is usually necessary to have an appraisal completed on any owned real estate. This is done to provide a professional, unbiased valuation of marital property to establish the fair market value for an equitable division between divorcing spouses. The appraisal assists in providing an objective basis for negotiations, buyouts, settlements and court decisions. It is also important in developing an understanding of the value of your current assets and future financial planning, which is particularly important when negotiating settlements, alimony and child support.
The cost of the appraisal is typically split between the parties, but this can vary. If an appraiser cannot be agreed upon mutually, both parties may decide to hire their own and pay the full fee individually.
If there is a disagreement between the divorcing spouses on the appraised value, there are several options forward including a second appraisal, arbitration, mediation or putting it in the hands of the court.
We have assisted many homeowners in this process. While it is a stressful and emotional time for our clients, we strive to make the process as straight forward and easy to understand as possible, resulting in a fair valuation for the parties involved. We can also provide professional testimony in court if required.