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Why was my home value decreased?

  • November 12 2013
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Answers (2)

Profile picture for tammygrogan
Any number of things can decrease your home value. This includes a poor school system grade card, inability to pass a school levy for continued improvement, higher than normal crime statistics, environmental issues such as flooding, landfill and construction of high tension power lines nearby, or simply, a poor economy. The value of any commodity is determined by how much someone is willing to pay for it. It really only takes one or two homes in any area to sell at a reduced rate, regardless of the reason, for the other homes in that area to be forced to follow suit. If the most recent homes that have sold are priced lower than normal, appraisers may have a hard time finding comparable listings that are recent enough or close enough in proximity to the subject home, to justify the higher appraised value. Also, bear in mind that all property transfers do not have a sign in the yard, nor are they all listed in the MLS. It may be necessary to dig into the real estate transfer records at your county auditor's office if you are having trouble valuing your home based on foreclosure sales or other sales lower than typical market value in your area.  

Hope that helps.

Tammy 
  • November 12 2013
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Home values are directly tied into the sale prices of homes that were recently sold in your neighborhood.  Another factor for valuation purposes can be the amount of listings in a particular area that are on the market and their duration on the market.  Especially in an area where not a lot of sales are taking place.  I suggest getting in touch with a local real estate expert to get the best assessment for your home based on recent sales, homes on the market as well as any special features or upgrades that your home may have over others.  Good luck!
  • November 12 2013
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