Find Your Home Value
Home Appraisal Tips & Advice
California Home Values and Property Taxes: Are the Laws What They Should Be?December 22, 2008
California is once again rethinking Proposition 13, the law that bases home property taxes on the purchase price of a house. Will a new property tax law pass? California Home Values Are Falling: Can There Be an Upside?
September 30, 2008
Home sale prices are down and most people have seen a loss of home value in their neighborhood. Can there be a hidden benefit? Selling Your Home Successfully in Today's Market
September 8, 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? Free Home Value Estimates Assist in Planning Financial Goals
By Karen LawsonHome Worth Columnist
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Financial experts frequently suggest that homeownership is a key component of building wealth. The idea is to accumulate home equity, which is the difference between what you owe in your home mortgage loans and the current value of your home.
Equity can rise and fall according to the type of mortgage loan you have, fluctuations in property values, and the attachment of additional liens or judgments against your property. If you're considering using some of your home equity to meet current or future financial needs, you'll want to review your present financial situation, determine your goals, and decide what kind of home equity financing can achieve them.
Getting Free Home Value Estimates Online
Many real estate companies and mortgage lenders offer free home value calculator tools online. These can be useful for getting an idea of your home value, but are not intended to provide precise valuations. Factors that can affect home value include:- Regional market trends: Does your home offer the amenities commonly sought by buyers in your area? Are home values trending up or down?
- Taxation: Due to large increases in home value in many areas, property taxes have also gone up. Home value can be influenced by property tax rates to some extent.
- Environmental: Your home may be a palace, but if it's near an environmental hazard or there is litigation or documented environmental problems in your area, these can negatively impact home value.
- Location: Two homes of the same size and condition can vary in price due to location. Popular neighborhoods, desirable amenities such as shopping and recreational venues can increase value.
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.