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? Why Home Value Can Change
By Karen LawsonHome Worth Columnist
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A major benefit of homeownership is the potential for your home value to increase. The difference between what your home is worth and what you owe on mortgage loans is the amount of your home equity. You can access home equity for emergencies, home improvement, starting a business, or other purposes. A free home value estimate can help you decide when and if using home equity can help you meet your financial goals.
Home Value Will Fluctuate
As with any financial investment, there are no guarantees that your home value will increase. Many factors can impact home prices. These may include, but are not limited to:
- Regional supply and demand: If homes in your area are in short supply, your home will most likely increase in value. On the other hand, if the area has been overbuilt, or many homes are on the market for other reasons, this can negatively impact home value.
- Neighborhood amenities: Today's busy families appreciate the convenience of nearby shopping, schools, and recreational venues. Other considerations such as public transit, parks, and cultural attractions can contribute to regional home values.
- Environmental influences: You've probably heard about neighborhoods trying to fend off industrial parks, office buildings, and other projects that can create traffic, noise, and pollution. Environmental factors can affect home value depending on proximity and potential problems. Natural hazards such as landslides, sinkholes, and flood plains can also impact home 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.