Find Your Home Value
Home Appraisal Tips & Advice
Home Renters Beware: The Foreclosure Crisis Affects You as WellAugust 11, 2008
Home foreclosures have created an overlooked victim: what happens when the home you rent goes into foreclosure? The vicious circle of declining home values and rising foreclosures.
July 11, 2008
Home values drop when foreclosures rise creating a vicious circle. Is there help in sight or a way to take advantage of a declining market? Home Selling Success: What You Need to Know
July 11, 2008
Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling? Factors That Contribute to Home Value
By Karen LawsonHome Worth Columnist
Send to a Friend
| 
Printable Version
Understanding how appraisers determine your home value can help you get a better estimate of what your home is worth. Free home value calculator tools provide general information based on regional market trends, but home values can vary considerably between similar homes. Curb Appeal, Market Trends, and Environmental Factors.
Your home may appear identical to several homes in your neighborhood, but if a residential real estate appraiser evaluated each home, it's a good bet that their values would vary. Here are some variables that can affect home value:
- Overall condition and "curb appeal" - A neatly kept home with no outward signs of damage or deferred maintenance retains value when compared to a home with peeling paint, indications of environmental damage, and signs of disrepair. Generally, a well kept home yields a higher value than a similar property showing evidence of neglect.
- Market Trends and Home Fashion - Home value can be subject to fashion trends too. Currently, features such as stainless steel appliances and granite countertops are in high demand. Your location can also affect which amenities contribute to value. If you live in Minnesota and have an in ground swimming pool, it may contribute less to your home value than it would if you lived in Florida. If your place looks like a 1970's flashback, it's time to ditch the shag carpet and avocado green kitchen appliances!
- Neighborhood nuisances - A home located near a noisy freeway may be worth less than an identical property located elsewhere. Appraisers evaluate potential nuisances and environmental hazards when comparing similar properties.
About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.