Property Value - Important Factors That Could Send Your Home's Price Dropping
Admin May 21, 2018
- Increasing mortgage rates - Mortgage rates are the one that poses great impact on the value of the property. With the increase in mortgage rates, home affordability of the potential buyers starts decreasing. This condition not only affects the buyers but also affect the sellers. As people have to pay more for buying the property at high rates, the value of the home starts decreasing.
- Weather conditions - Natural disasters like hurricanes, tornadoes, wildfires, earthquakes, tsunamis, mudslides and floods can threaten the property's value. Check the history of the area and try to buy a property in best location that is not prone to such disasters.
- Foreclosures/Short Sales Decrease Neighborhood Value - Another thing related to decreasing the value of your property is the short sales in your neighborhood. The people will be highly hesitant in purchasing a property in such locations and will worry about the future value of their home.
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