Can I Really Count On Automatic Appreciation When I Own A Home?

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There was a time when anyone who bought a home and took care of it could assume that the value of their home would be increasing each year

. Property tax assessors all across the country saw that trend and usually found a way to raise the assessed value and the taxes of most homes as well. Well, those are two of the many things that have changed about home ownership in the last few years, and so I've made a change in the way I do my mental accounting whenever I sell my home.

First of all, I check out the local multiple listing service which is easily accessible through the websites of local agents. I look for homes that have the same number of bedrooms and bathrooms, and the same type of construction and age as my home. If my home is faced with brick I generally compare it to other brick homes. And of course the age of my home is important, too. If it was built in the 1980s I try to compare it to other homes built in the same approximate time period. The other homes I find are called "comparables" and this is the same way that real estate agents and county property tax assessors establish value as well. I have access to the same information they do, and I'd better use it to establish my selling price when I sell my home.

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The days when I could count on automatic appreciation in the price of my home are over. Homes sell for the price the market will bear, so of course that price is directly affected by the price of other homes on the market at the same time. I have to collect information about other homes on the market whenever I sell my home in order to set an attractive asking price. Setting my asking price too high will not bring me buyers quickly, and it may keep potential buyers from calling to make an appointment to see my home.

Especially as an investor who buys and sells homes routinely because it is my business, locating comparable properties is a crucial step in the process of setting my asking price to attract the most buyers when I sell my home. Although checking on the price of properties that have already sold is also a valuable way to spend my time when I sell a house, I pay more attention to listed properties now than I do the sale price of sold properties. The reason for this is very simple - things are changing so fast in the marketplace. If you're not interested in doing this research for yourself, ask your agent to do it for you and show you all her results. My main point is that you cannot assume your home has appreciated in value if you've owned it for a few years. Automatic appreciation is no longer the norm in most parts of the country. When I sell my home I always research the asking price of other homes on the market.

by: Leo Kingston

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