The value of your property is often out of your control. Changes in the housing market can lower the value of your home. Natural disasters and climate change can reduce the value of your property because buying the property involves greater risk. Foreclosures in your neighborhood can also lower the value of the property.
The economy is a factor that causes property values to decline. As a general rule, a struggling local economy that does not have a stable labor market can contribute to lower the value of homes. When the labor landscape is empty of large employers, unemployment is on the rise. What keeps people in one place? Mostly their jobs.
People cannot survive for long without a decent income, so unemployment forces people to move to other regions. The more homes sold in a given market, the lower the prices will be. To keep the value of your home from declining, here are 5 mistakes to avoid and how to fix them if you've already moved on. A neighborhood that has houses with peeling paint, broken windows, and significant ornaments in the “yard” generally has a lower home value than clean, well-maintained neighborhoods.
According to one of the largest associations of real estate appraisers in the country, external factors can sometimes reduce the value of homes by 5 to 10%. Interested in selling? Check out our full service with a 1% publication fee. All homes are purchased in the name of an affiliated holding company designed to acquire properties and cannot be transferred to the name of HomeGo. But what about properties that sell for less than what their owners have paid for them? Well, in real estate, not everyone wins.
A home may have the perfect features that homebuyers are looking for, but taking a look at neighboring properties in poor condition can cause them to leave quickly.