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As your Chicagoland real estate agent Michael LaFido, I want to be your resource for all things real estate. Whether you are buying, selling, or investing in real estate, I am here to guide you through the process. Subscribe to this blog to learn all of the latest news from our local market and receive expert tips for buying or selling a home.

The True Value of Your Home

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Today, we'll discuss the true value of your home. There are many websites out there that give estimates on your home to watch out for, but you also need to know something about replacement costs.
Recently, a customer asked me, "My insurance company told me that the replacement cost of my property is $950,000. Isn't that the value?"

Here's the thing: how much you have invested into your home and the replacement value has absolutely no bearing on what your home is actually worth. The insurance company comes up with the replacement cost to make sure that they are covered, and they make money if the replacement cost is higher than the home value.
Ultimately, your home value is what ready and willing buyers are willing to pay for it. A real estate professional can help you determine your true home value.
If you have any questions, please don't hesitate to contact me. Also, my book, Marketing Luxury, is now available. Give me a call or send me an email if you're interested!


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