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? 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.