Does yor property value of your house change when the neighborhood builds brand new houses?

Question

I live in a neighborhood that used to be rough and full of old homes that were poorly kept. My home is well kept. On my street the olds home were torn down and new ones were just built 2 months ago. The area is now very peaceful. Does the value of my home go up?

Answer 1

Likely yes.

However there are two types of values you want to consider: the tax appraisal value and the fair market value. They are not the same.

Tax value will go up over time. It is a formula used by the county appraisal district based on average sales in your neighborhood. The other homes may not even be comparable to yours, just an average for the neighborhood.

Fair market value is what you can expect to sell your house for. Those new homes, assuming they are bigger and/or nicer than yours, aren't comparable. The fair market value will still be determined by recent sales of homes in your vicinity that are similar to yours. (Similar square feet, # of bedrooms, age, etc.) What is subjective in this case is the appeal of the neighborhood. If your neighborhood is becoming more appealing to potential buyers, then I'd say your fair market value will definitely increase.

Good luck!

Edit: Just read the previous answer. Zillow is so wrong that it is laughable. If you want to know the value of your home, check with your local county appraisal office for the tax value, and ask a Realtor for a CMA (comparable market analysis) for an approximate fair market value. If you want a really accurate fair market value, get a professional real estate appraisal for about $350.

Answer 2

yea this is a great website they update it frequently. Check back whenever you like. It already has details of floor plans and stuff of ur house and it gives you a price. And lets say you recently added something to the house, you can add it to the website and it will automatically give you a updated price. And stuff on there is not permant meaning if you accidently add something you can delete it. It's preety neat go check it out.
OH BTW it's FREE. And you don't have to put in the exact address just the city and then you can move around on the map and just find your neighborhood. It also provides background information for example last time the house was sold and for how much. Also it gives you graphs comparing your house value to that of other in your city, county, state, the whole united states.

www.zillow.com

Answer 3

Yes. Any improvements in the neighborhood will increase the value of your home to a certain extent. However, if the neighborhood still has a bad reputation, it will take some time before you will see any difference.

Answer 4

The marketplace will purely call for what each person is keen to pay for. If each person is keen to pay $a million,000 for a crappy studio in a crappy community in NYC, then landlords will call for it. If human beings began refusing to pay for it, the prices will drop. therefore, NYC has a lot extra infrastructure to pay for (public centers, streets, etc.). the city prices intense sources taxes to pay for it and the landlords bypass the fee on to the residence dwellers. similar ingredient in l. a.. If human beings refused to pay for it, the prices will drop. I wager in case you probably did a survey of the previous 5 years of apartment expenses in NYC and l. a., it may teach that the prices have dropped because the business gadget has worsened and human beings won't be able to have the funds for those large condos and homes and intense priced houses. Chicago, at the same time as nonetheless a large city, isn't as concentrated as NYC so that you've fluctuating expenses. The closer you're to the numerous area (the Loop, etc.) the extra you're going to pay for the privledge of being so on the fringe of the action. move to the a concepts northwest and southwest aspects, the position you're extra faraway from the "action" and also you may never be required to pay as a lot.

Answer 5

Of course!