Generally, prices are down. If you want to know your value, it's best to talk to an agent about your specific property.
If the worst case scenario means you do not get $455K for your homeâ€”you will regain that loss on the next house you buy.
Your home sounds lovelyâ€”perhaps staying put is the best thing for you long-term.
What I read in your question is this, should you sell now or hold out for things to improve? The story I've been telling now for quite a while is that while your value may be down, so is the place you want to buy. Assume your home was worth $500k at the peak and is down 10%, making the present value $450k. Letâ€™s say the perfect house for your family was worth $700k at the peak and is also off 10%, currently $630k. What had been a $200k gap (with around 6% interest rates at the time) is now only $180k gap with rates below 5%.
Both price and rates have declined and affordability is greater now, assuming you have the same income than before.
If you plan to stay in your next house at least 3-5 years, any additional depreciation will likely be offset when the economy eventually turns around, and you'll be in a home which may better serve your needs.
Regarding the addition, without knowing more I can't tell you if itâ€™s a good idea or not. Talk to an agent about what the improvement may do to your value and compare that to the cost. Right now most improvements aren't paying for themselves in resale, but each case can be different. If you do elect to sell in the short term, it probably won't make financial sense
Unfortunatly, a home is only worth the price someone will pay. If there are multiple homes in the area for less, then onviously that will bring your value down also.