There are many good reasons to have your property valued. Whether you are applying for a home equity loan or refinancing your mortgage, having an accurate reading on what the value of your property is will be important in achieving the financial goals that you have set for yourself.
There are some important things to consider when appraising your value, so here are the steps you will want to take to ensure that you get the most accurate reading on your property.
The economic recession only lasted a year, but there wasn't a recovery for homes because prices had climbed much too high and builders had built way too many of them. Prices had to fall, not just back to a “normal” level, but to an even lower level so that the large inventory of excess homes could be moved – a sort of clearance sale. We're not yet done with that sale – see the large number of mortgages still delinquent – but enough has been cleared out so that prices can drift up to a more normal level.
Phoenix Arizona Housing Market CrisisA Phoenix property with 95 bids is just one example of a housing market entering a new and unprecedented phase. Experts with Arizona State University's School of Business say the city is heading for a significant housing shortage.
Long gone are the days when the Phoenix metro was riddled with available, well-built single-family homes in the wake of the 2008 housing market bust.
Five years after the crash, the desert metro is facing lagging home construction, predictions of population growth and rising land prices, according to real estate experts with ASU.
