Real Estate Insights

2020: Not All Should Be Forgotten: Highlights to Take With Us Return to Articles

Trachelle Spencer 01/04/2021

Forget about it. Well, not all of it.

2020 is finally behind us and most people couldn’t be more excited to move forward with the new year. And as happy as RezDox is to start a new year as well, it’s important to highlight the positive points of the past year that will help homeowners thrive in 2021.

While the typical home in Colorado had a median value of $397,820 , the average RezDox user's home was valued at $605,904. The home improvements that were tracked using RezDox averaged $25,885, accounting for about 4.66% of the home's worth. With benefits like that, it’s no wonder that more and more people are turning to RezDox to track and use the improvements they make in order to maximize the value of their homes.

When compared on a cost vs. value analysis, ROI, or equity growth from home improvements saw an average of an $8,567 influx. Most homeowners are unaware that maintenance has no bearing on increasing a home's worth , but it’s the improvements that increase the value of a home. RezDox helps homeowners make those improvements work for them to increase their home’s equity. In 2020, RezDox users averaged an overall equity gain of 34.19%, compared to 10.8% for the U.S. as a whole, according to a Core logic report .

In comparison with estimates captured in Zillow, RezDox users recognized home values that averaged 1.52% higher because RezDox accounts for interior improvements, as well as the exterior. RezDox users who invested over $20,000 in their home improvements saw even greater gains averaging 2.34%.  If a market comparison suggests a home is worth $600,000 RezDox homeowners can demonstrate an additional $9,120 worth of value based on their interior upgrades.

With the incredible progress we've made and the introduction of new products to assist homeowners to increase their home’s equity, RezDox was featured in a number of publications, including Welp , Summit, and 303 magazines.

As we continue to grow, we’ve partnered with Historic Denver and joined multiple top realtor associations like the National Association of Realtors, South Metro Denver Realtors, Colorado Association of Realtors, and the Rocky Mountain Chapter of the Association of Preservation Technology .

 

Trachelle Spencer

Co-Founder, CEO RezDox

 

 

 

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