Zillow, Trulia, and other real estate mega websites serve as excellent resources for anyone involved in the real estate business. Whether you are a buyer or a seller you will most likely use one of the aforementioned websites to help you access the market value of a desired property. Potential buyers and sellers can be overwhelmed when utilizing these significantly large databases as from time-to-time a prospector will come across a seemingly perfect house that is way below its perceived market value. Thus, it is important to investigate properties that seem suspiciously underpriced. Below are four factors that can negatively affect your home’s market value.
- Nauseating Neighbors
Every homeowner’s nightmare! Having to deal with neighbors who are either noisy, messy, rude, or much worse adds tremendous amounts of stress to your life and can significant effect your home’s market value. Studies show that noisy neighbor’s may drop the market value of your home by more than 10 percent. For noisy neighbors try politely talking to them, and if they do not abide file a noise complaint. Even though they may ostracize you for this, noise complaints can be very expensive and should send a clear and direct message. For hoarders, you can always offer to help them clean their property. If you are too busy or can afford it try calling a junk removal service, such as 1-800-Got-Junk which has locations in both Seattle and Tacoma. For neighbors that are worse and/or do not abide try making the best of the bad situation and try to co-exist, swallow your pride, and if you are able to take legal action.
- Stock Market Performance
Like it or not, the performance of the stock market is a direct reflection of the performance of our economy. Whether you are a stock market aficionado or rejecter of it, paying close attention can help you forecast future value. If you see certain businesses such as lumber companies, developers, and other heavily laden real estate firms continually having poor quarterly performances it may be a good indication that the market will be taking a turn for the worse. Thus, you may be given a head start on preparing for the coming storm. Fresh in many of our minds is the 2007 housing bubble which sent property rates plummeting, some by more than half!
- An Unsavory History
If you are interested in a particularly old home, you may be wondering who all has lived, or worse died in this house? And if so, was it a particularly bad way to die? It’s true that these may affect the immediate value of the house after the incident, however after a decent amount of time has passed the house should return to its natural value. If interested and you suspect that something may have happened, try contacting the previous owners to satisfy your curiosity.
- Poorly Performing Schools:
Now there is pretty much nothing you can do remedy this situation, but luckily the state of Washington has a pretty well-run public education system. In fact, Washington has the best public education system west of the Mississippi River. However, there are school districts that significantly score higher than others. Obviously there are incidents of wealth inequality associated with scores, but no matter where you live in Washington your kids should receive a quality education. For more information on school districts in Washington click here.