|
What is your home worth?
|
Understanding what
your home is worth can help you decide whether or not to sell, how to
price your property, and whether your property is holding its value.
Consider getting a comparative market analysis or appraisal done by a
certified real estate professional. Bear in mind that these estimates
are based on local sales and prices at one point in time, and may not
reflect other issues affecting your home's value.
What
Makes
Property Values Tick?
When you bought
your home, you
bought it for its inherent value. Inherent value is what attracted you
to the house in the first place: architecture, quality of construction,
landscaping, even just how the house felt to you. But property value,
or market value, depends on many other factors:
|
|
Direct
factors
|
|
Community
Efficient city
services,
adequate resources, and a thriving business district usually translate
into healthy property values. So can a community's history and
identity, and its perceived desirability by current buyers.
|
|
|
Neighborhood
A neighborhood
that is
attractive, safe, and well-located usually results in stable or
steadily appreciating property values.
|
|
|
Schools
Good
schools and
solid
property values go hand in hand.
|
|
|
Amenities
Parks, bike
paths,
libraries, and other amenities can enhance property values, provided
that the areas are kept clean and safe.
|
|
|
Transportation
Whether it's
public
transportation or a nearby freeway, easy access to transportation can
be a plus for property values, especially if you need to drive to a job
or the grocery store.
|
|
|
Zoning and planning
Property
values
can be
positively or negatively affected by zoning decisions and community
development plans.
|
|
|
Neighbors
Courteous
neighbors with
well-kept homes and tidy yards can increase your property value just as
a peevish neighbor with a barking dog can bring it down.
|
Indirect
factors
|
|
Economic
changes
A rising
economy
lifts
most home prices and boosts sales; a depressed economy carries home
prices and sales down with it.
|
|
|
Demographic
changes
Since the
1970s,
home
prices in Florida and other major metropolitan areas have grown
steadily as waves of new residents compete for a limited supply of
housing. In smaller cities and towns, however, prices have remained low
as entry-level buyers move to job-rich metropolitan areas.
|
|
|
Disasters
Earthquakes,
hurricanes,
wildfire, and other severe natural phenomena can decimate property
values, at least temporarily. Recurring problems can depress values
permanently, and affect a buyer's ability to obtain homeowners'
insurance, without which no lender will approve a mortgage.
|
|
|
Perceptions
Perceptions
negative or
positive, real or unreal can drive property values into the ground or
into the stratosphere. It's important to know where your neighborhood
stands.
|
|
Your
home's market value is an important factor in a long list of financial
decisions, including selling the home, refinancing your mortgage,
borrowing
against your equity, estimating your annual property tax bill, buying
homeowner's
insurance, calculating the expected return on remodeling costs,
managing
your other investments, estate planning and so on. The trick is
figuring
out how much your home is worth -- and remembering that how much you
paid
for it months or years ago isn't relevant to its current market value.
It's not a bad idea to gather information from several sources and
compare
the findings, rather than relying on just one approach to home
valuation.
We
are in touch with market prices on a daily basis and know our area
well. Contacting us is a great starting point. We also have a number of
resources to cross check the current market analysis.
Contact
us today to get information
and additional resources to
help you with an accurate analysis of your current home price.
Licensed
Real Estate
Broker - Joseph J. Tavolacci
4 Tavolacci Realty
Inc. Locations
- Serving You:
|
