Declining Value
CHANGING MARKET CONDITIONS
Most homeowners are aware market conditions have changed in our area. Tightening lending restrictions, job losses and increasing foreclosure activity have placed downward pressure on property values. Many areas have experienced over a 20% loss in value in the past 24 months. This trend is likely to continue in areas with increasing supply and decreasing demand from buyers. Several factors can influence demand in a neighborhood such as school systems, transit systems, proximity to shopping, work and services, etc. Many homeowners are unaware of their home's current value due to the volatility in the local housing market.
UPDATED VALUES IN CHANGING MARKETS
The recent changes in property values have caused many of our past clients to order an updated and current appraisal report.
The most recent requests from homeowners have been;
- Updating Financial Portfolios. Homewowners are rebalancing and updating their financial portfolio for tax and trust purposes.
- Updating homeowner's insurance policies. Homeowners are updating insurance providers with the most accurate value on the dwelling in the event of a loss.
- Property Tax Appeals. Property owners are submitting an appraisal to the local tax assessor with the most current value in an effort to reduce property taxes. A simple do-it-yourself guide is available at:http://www.taxappealguide.com
- Divorce Situations - When couples are ending relationships in the current market they require the most accurate value to know their position within the property.
- Prior to Buying - Appraisals are being ordered by potential buyers before purchasing primary & secondary homes or income property. Having an appraisal done prior to writing a purchase contract confirms you are not paying over current market value.
- Prior to Selling - Pre-listing appraisals are done prior to listing a property for sale. Sellers that are experiencing long marketing times hire us for an updated unbiased third party opinion of value in addition to the real estate agents opinion.