HERE ARE SOME FACTORS THAT CAN IMPACT THE VALUE OF YOUR HOME:
I have been working with home buyers for a few years now and oftentimes have watched buyers purchase homes driven solely by price. While price is a very important consideration in a home purchase other factors such as neighborhood quality, crime rate, foreclosures should be given a significant weighting. How significant a weighting? Well that depends on your personal situation. For example, you may not have kids so the quality of schools may not weigh significantly but did you know that homes zoned for the better schools will generally command a higher price.
So let’s look a little further down the road and look at a few factors that can impact the value of your home. There are macroeconomic factors such as the general state of the economy, interest rates, and unemployment rates etc which are beyond your control. But there are some microeconomic factors that you can control.
Neighborhood. Drive around the neighborhood and pay particular attention to the home exteriors. Are the yards well maintained, lawns mowed, bushes and trees trimmed? Do the homes have peeling and mildewed paint? Are driveways well maintained? A poorly maintained neighborhood can spell trouble for home values in the area.
Number of foreclosures: Life happens and occasionally people cannot meet their mortgage payments…but if there are a lot of foreclosed homes in the area it could affect the value of your property. By some estimates up to 10%. One way you can check on foreclosed homes is checking the county website…the link to the Hernando Clerk of Circuit Court https://www.hernandoclerk.com/search/node/FORECLOSURES
Before a home goes into foreclosure the mortgage company usually files a Lis Pendens which is a Latin word for “suit pending”. In real estate lis pendens is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office. ...and again the Lis Pendens notices can be found on some Clerk of Circuit Court websites. In Hernando County https://or.hernandoclerk.com/LandmarkWeb/search/index?theme=.blue§ion=searchCriteriaDocuments&quickSearchSelection=
Crime: Many people are concerned about crime in the area…they are concerned about their personal safety and the safety of their valuables. This concern for safety is an often cited reason for people choosing to live in gated communities despite the many restrictions imposed by HOA’S. If you like to choose the color of your home, the color of your roof or the size and shape of your lawn ornaments then understandably a deed restricted community would not be for you. That would just mean that you would have do some extra due diligence before choosing where you are going to purchase your home. Crime statistics are available on the Sherriff’s website. https://www.hernandosheriff.org/