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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? Home Values Fluctuate: Now May Not Be the Right Time to Sell
By Gabriel TraversoHome Worth Columnist
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Anything worth investing in is going to experience fluctuations. Your home is no different. If you've been keeping your eyes on the real-estate market in your area, then you have probably already seen home values go up and down.
House sales dropped more last year than they have in the past 20 years--a decline of more than 8 percent. However, in spite of this incredible decline, house prices did not go down. Quite the opposite: Prices in existing home sales last year rose by 1.1 percent. The reason for these seemingly contradictory factors is a result of what economists call "sticky prices." Homeowners put their house on the market and, not getting offers reflecting what they believe their home is worth, take it off the market. This is partially responsible for both the drop in sales and prices going up.
Other Factors in Home Values
A great deal of what you might be seeing in fluctuating home values in your area could be a result of perceived value. A home designed and erected by the same builder may be worth more in one neighborhood than in another. This can be because of golf courses, access to shopping or shorter commute times, or other factors that play on the perceived value of the home. How much your home is worth could be affected in a similar fashion.When there is Doubt, Hold Onto Your Home
If you've been interested in selling your home but haven't seen local sales in the range you think your home is worth, then perhaps now is not the right time to sell. If you have doubts about home values in your area you'd do well to watch local trends. Remember that the country saw prices go up last year. There are few areas that are seeing a drop in home values. If you're worried about house sales slowing in your area there is little you can do--it's the nature of the market. Focus your attention on preserving the value of your home through regular maintenance and necessary upgrades and wait for a better time to sell.About the Author
Gabriel Traverso is a freelance writer, independent musician and artist. He resides in Reno, Nevada.