How Much Is My House Worth In Elk River MInnesota?

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Elk River MN Market conditions

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Here are the most frequently asked questions about selling your home In Elk River Mn

We’ve outlined some of the most important factors that influence your home’s value:
  • Neighborhood comps. …
  • Location. …
  • Home size and usable space. …
  • Age and condition. …
  • Upgrades and updates. …
  • The local market. …
  • Economic indicators. …
  • Interest rates.

Having short sales and especially foreclosures on your street decreases the value of your home. Even if they are not direct comparables, as in same square footage and the number of bedrooms and baths, they are in your immediate neighborhood, so can make the entire area depreciate in value.

For most major markets, the Zestimate for on-market homes is within 10% of the final sale price more than 95% of the time. The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 6.9%.

  1. Enter your address into a home value estimator. …
  2. Ask a real estate agent for a free comparative market analysis. …
  3. Check your county or municipal auditor’s website. …
  4. Identify trends with the FHFA House Price Index calculator. …
  5. Hire a professional appraiser.
We’ve outlined some of the most important factors that influence your home’s value:
  • Neighborhood comps. …
  • Location. …
  • Home size and usable space. …
  • Age and condition. …
  • Upgrades and updates. …
  • The local market. …
  • Economic indicators. …
  • Interest rates.

Making your house more efficient, adding square footage, upgrading the kitchen or bath and installing smart-home technology can help increase its value.

Appraisers look at the size, shape and topography of the lot, including easements and encroachments. The appraiser will also note amenities such as street utilities and vehicular access. Part of the evaluation process includes an opinion of whether the home’s characteristics are compatible with the market.

Both interior and exterior painting are projects with a significant return-on-investment (ROI). On average nationally, painting both the inside and outside of your home yields a \$4,000+ value bump. That’s a 107% ROI for interior painting and a 55% ROI for exterior painting.

11. Fiberglass grand entrance

Front door of a home
Alaettin YILDIRIM / Shutterstock.com

Average cost: $10,044

Return on investment: 60.9%

This home improvement is about widening your doorway and adding a new door with half-glass sidelights. With this new grand entrance, you can expect the resale value to increase by about $6,116.

10. Composite deck addition

Man installing composite decking boards
ronstik / Shutterstock.com

Average cost: $22,426

Return on investment: 63.2%

As described by Remodeling Magazine, this simple deck replacement uses a linear pattern and adds a built-in bench and planter.

Composite deck material is used, and the project includes three stairs and a railing.

9. Steel entry door replacement

Worker installing a lock on the front door of a home
ungvar / Shutterstock.com

Average cost: $2,082

Return on investment: 65.0%

Replacing a front door with a steel door and a new lockset provides the opportunity to spruce things up when it comes to curb appeal. This improvement features a clear, dual-pane half-glass panel.

8. Wood deck addition

Celestine Rae holding a light bulb
Rido / Shutterstock.com

Average cost: $16,766

Return on investment: 65.8%

According to the report, this 16-by-20-foot wood deck addition provides a better return than a composite deck addition, increasing the resale value of your home by $11,038. Plus, it costs less than the composite deck.

7. Wood window replacement

Winter view through a wood window
CTatiana / Shutterstock.com

Average cost: $23,219

Return on investment: 67.4%

This project to replace 10 existing 3-by-5-foot double-hung windows uses insulated, low-emissivity windows, which have a special coating that reflects heat to help regulate indoor temperatures.

The interior window is trimmed in stained hardwood. The exterior adds to curb appeal with an aluminum cladding that is custom-color matched to the existing trim.

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6. Vinyl siding replacement

Construction workers installing vinyl siding on a house in Los Angeles, California
mediandrew / Shutterstock.com

Average cost: $16,576

Return on investment: 68.3%

This is another curb appeal project that can boost your ability to get a little more of your money back when you make an upgrade.

Remodeling Magazine suggests making sure a water-resistant barrier, like a house wrap, is installed below the new siding.

5. Vinyl window replacement

Man opening a window
Vitaliy Hrabar / Shutterstock.com

Average cost: $19,385

Return on investment: 68.6%

Sometimes the material makes a difference in your ability to recover more from an upgrade.

This can be true of window replacements as well as deck additions. Choosing vinyl over wood can potentially cost less and recoup more of the expense, as this project suggests, when replacing 10 existing windows with insulated, low-emissivity, vinyl ones.

4. Fiber-cement siding replacement

Man installing fibrous cement siding on a home
Christina Richards / Shutterstock.com

Average cost: $19,626

Return on investment: 69.4%

Replacing home siding with a fiber-cement product is likely to cost more than using vinyl.

However, according to the Cost vs. Value Report, you’re likely to recoup a greater portion of the cost by enjoying an increase in the value of your home.

3. Minor kitchen remodel (midrange)

Couple cooking at home
Monkey Business Images / Shutterstock.com

Average cost: $26,214

Return on investment: 72.2%

This is the only upgrade on this list that is an interior project, rather than an exterior project.

Remodeling Magazine shows that making rather minor changes, such as replacing the range and fridge and changing the cabinet fronts and counters, pays you back better than most projects. Also included: a new midrange-priced sink and faucet.

If you opt to replace the cabinets instead of just the fronts, you might want to check out the American Woodmark or Ikea Sektion collection. They earned the highest customer satisfaction ratings in J.D. Power’s Kitchen Cabinets Satisfaction Study in 2020, as reported in “4 Kitchen Cabinet Brands Earn High Marks From Homeowners.”

2. Manufactured stone veneer

Exterior of a house with stone veneer
Artazum / Shutterstock.com

Average cost: $10,386

Return on investment: 92.1%

This Remodeling Magazine project includes removing a band of siding from the bottom facade and replacing it with a manufactured stone veneer. The resale value attached to this project is $9,571, resulting in the potential to recoup slightly more than 92% of what you spent.

1. Garage door replacement

Man opening his garage door with a remote control
GagoDesign / Shutterstock.com

Average cost: $3,907

Return on investment: 93.8%

Topping the list for the best return on investment is another curb appeal project.

Spend less than $4,000 to replace the garage door, including the tracks, and you could enhance your curb appeal as well as see a return on investment of more than 93%, which is better than all other projects in this study.

Near By Cities and Neighborhoods in Elk River, MN

Median Listing
Home Price
Listing
$/SqFt
For Sale
For Rent
$424.9K
$159
$488.5K
$165
$380K
$169
$475K
$167
$520K
$174
$383.9K
$163
$410K
$173
$302.5K
$151
$467.2K
$180
$389.7K
$149
$402.5K
$161
$367.4K
$170
$450K
$168
$309.9K
$151
$385K
$149
$364.9K
$177
$390.7K
$189
$322.5K
$153
$384.9K
$166
$152.5K
$150

Top Schools in Elk River, MN

Elk River, MN hosts 28 public schools rated good and higher by GreatSchools. You can also find 4 private and charter schools. Here are the best public schools in Elk River, MN:

 
Rating School Name Grades Reviews
9/10
Spectrum Middle School 6 N/A View All
7/10
Twin Lakes Elementary School K – 5
6 reviews
View All
6/10
Meadowvale Elementary School K – 5
N/A reviews
View All
6/10
Parker Elementary School K – 5
11 reviews
View All
4/10
Lincoln Elementary School K – 5
2 reviews
View All
NR
Elk River District Shared Time Prog K – 5 N/A View All
NR
ISD 728 Extended School Year 1 – 12 N/A View All
NR
Three Rivers Montessori School N/A N/A View All

 

Home values in Elk River, MN

Elk River is a city in Minnesota and consists of 32 zip codes. There are 244 homes for sale, ranging from \$201k to \$1.3M.

Elk River, MN Housing Market

The median listing home price in Elk River, MN was $410K, trending up 10.6% year-over-year. The median listing home price per square foot was \$162. The median home sold price was \$368.5K

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