Here in North Texas, families are facing a problem. Since early last year, property values have been steadily decreasing. Your beautiful home, which was once a lifelong goal and worth a lot of money, is now worth far less. It’s tough to sell. If you were to sell your home in the current climate, you would likely receive a low-ball offer and lose money on the sale. No homeowner is willing to take a significant loss.
There may be a few factors causing your property value to decrease. If you can identify and address these concerns, you might find yourself in a better position to sell when the time comes. Unfortunately, the problems might be outside of your control.
Increasing Mortgage Rates
One factor you cannot influence is increasing mortgage rates. When mortgage interest rates are low, home buyers can afford to spend a little more for their dream home. As interest rates continue to rise, home affordability for buyers decreases. Then, the value of your home to a buyer significantly decreases.
The overall condition of your neighborhood directly affects your property values. Nearby foreclosed properties, train tracks, airports, light pollution, power plants, or landfills are huge detriments. In some cases, after you purchased your home and lived there for years, a cell phone tower was constructed. A cell tower is an eyesore that will scare potential buyers off.
Additionally, if your neighbors are loud or bothersome, prospective buyers won’t want to take on that baggage. Hopefully, you can negotiate with a bad neighbor to decrease their impact on your sell. However, some people may be less willing to work with you, so this may be an unchangeable factor.
If the school in your area is less than ideal – both in terms of ratings and quality – then it could be driving your property values into the ground. It’s common for buyers to investigate nearby schools for their children. If the closest school is lackluster, you’re going to feel it in your wallet.
Even buyers without children are aware of how schools impact a neighborhood in the form of noise, maintenance, and traffic. It can be annoying to some homeowners.
Unfortunately, there is little you can do to improve the quality of a nearby school. You can involve yourself with the school, if you have children enrolled, to help provide direction and insight. Besides that, little can be done.
As you can see, these three factors are somewhat difficult for individuals to remedy. If you’re looking to sell your house and are finding it difficult, consider D&R Home Solutions. We invest in neighborhoods like yours year-round, regardless of factors like those listed above. Give us a call at 214-494-6222!
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