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Will a medical office and hospital being build behind my home lower my property value and make it hard to sell?

admin — Sun, 16 Oct 2011 06:00:26 +0000

I live in a small neighborhood that is surrounded by a field. The city would like to rezone the field behind my home for medical offices and a hospital. Will my home value suffer if they build the medical offices and hospital? Will the rezoning make it harder to sell my home?

The hospital will since it creates more traffic, parking problems and noise with the ambulances roaring in.

Why do people care about high home values when they are not selling their property?

admin — Sun, 17 Jul 2011 07:41:25 +0000

A friend of mine owns a condo. Its really a triple decker house which he owns the third floor. There is a condo association(with 3 members — one for each floor). Anyway, the condo association has fees to cover property maintenance(roof, walls, yard, driveway, etc). Lately they’ve been voting to do things like replace the roof and repaint the house and such. Generally this comes out of the fees paid to the association, but they are big cost items and the fund can’t cover it.. so my friend is getting stuck with the bill.

Anyway, he’s been fighting to get them to not paint the house(which is like a $14,000 job) because he can’t afford it. They voted to do it anyway and now are threatening to sue him if he doesn’t go along and stick him with legal fees in addition to his share of the 14 grand. Talking to various people it seems the condo association has the right to sue and get money to protect the value of the property(which decreases in between paint jobs). Its one thing if the paint was coming off and the house itself was getting damaged, but so long as the paint is good and intact(even if you had spot trouble, you could fix that with localized paint touchups).

My question is really.. why do people care what the house is worth? I own a home and I like the value to be low so I don’t have to pay much in property taxes. When I go to sell, I want the value high so I get the most for the house. So, you maintain things/fix things which break, but don’t repaint every couple years if the paint job will actually last a decade. That’s just wasteful.
Sorry if this sounds like a rant, but I was trying to explain the context for wanting to ask the question.

That said, Spending 5 grand to paint a house isn’t going to increase the house value by more than 5 grand and thus wouldn’t really help with a home equity loan or anything like that. I can see wanting your home to be worth a bit more than your loan amount so you don’t have to pay PMI…

Maybe its a personality thing here, where the other two members want to spend a lot to have a perfect home. However, you see this in the news and such that people are upset because home values are dropping or they are upset that some guy down the street has too many junk cars on the lawn and its lowering their home value.
Everyone seems to be missing the point. If you aren’t selling… why is the value important? There is no physical difference between a fresh(0 year old) and 2 year old paint job, but the fresh one is more valuable. If you plan to sell next year, I can see sprucing things up to get it ready. I can also see repairing things which need it(leaky roof).

Yes, there are things my friend could do, but that isn’t the question.

Usually you would want the value to be low as to not pay as much taxes.

A reason to want the value to go up, is a home equity loan. The more the property is worth, the more equity you can access.

Your friend is in a difficult place as he is part of an association, and the association has voted, I’m assuming 2-1 to paint. He is stuck with this decision.

This is more of a Rant then a question, but i tried to address what i believe is the crux of the question.

home values decreases in washington state?

admin — Tue, 22 Feb 2011 18:34:31 +0000

Over the last few years what have property values done. Gone up, or down, and by how much per year

Since 2008 prices have decreased 35-40%

Will real estate property values ever appreciate in Chicago?

admin — Mon, 07 Feb 2011 09:31:24 +0000

It seems like I’m doomed, along with millions of other people…doesn’t looking like home values in Chicago are ever going to go back to what they were before housing economy collapsed.

if by "what they were" you mean 2007 — the answer is "no" — as in no time soon.

That was a bubble. prices were totally out of line with reality. They’re back to 2003 levels, on average nationwide, and probably have another 20% to go DOWN before they truly hit bottom.

why should property prices go up? jobs are scarce. wages are down. and it looks like both conditions will stay that way for quite a while.

taxes are up and going higher, too. look out for RE taxes to go up — every county and city in America has a budget problem and most of them lack the backbone to tackle their employee unions.

How is it that property taxes are still rising even though the home values are falling?

admin — Mon, 27 Dec 2010 03:08:21 +0000

http://www.nj.com/news/index.ssf/2010/12/nj_senate_president_stephen_sw_2.html

lifes a beotch~

How is it that property taxes are still rising even though the home values are falling?

admin — Sat, 25 Dec 2010 04:02:38 +0000

http://www.nj.com/news/index.ssf/2010/12/nj_senate_president_stephen_sw_2.html

lifes a beotch~

How is it that property taxes are still rising even though the home values are falling?

admin — Thu, 23 Dec 2010 00:25:58 +0000

http://www.nj.com/news/index.ssf/2010/12/nj_senate_president_stephen_sw_2.html

lifes a beotch~

How is it that property taxes are still rising even though the home values are falling?

admin — Mon, 20 Dec 2010 21:52:14 +0000

http://www.nj.com/news/index.ssf/2010/12/nj_senate_president_stephen_sw_2.html

lifes a beotch~

Is Zillow useful for predicting property values?

admin — Sun, 07 Nov 2010 15:00:18 +0000

I noticed that the site has a zestimate. I am not sure how the system gauges a market value for each home.
Danielle, do appraisers compare foreclosures with a resale? In my neighborhood, there’s nothing but foreclosures, short sales, and new constructions. I don’t know where my home values fall because I’m kinda in the middle here.

Not really. Zillow along with other websites take a property address, such as yours and pull all the local sales, then average the estimate based on the local sales. Just because a house is in your neighborhood, does not make it comparable to yours. They tend to use all transactions as well, Short Sales, REO’s, Trustee Sales and Standard Sales. If you look at the recent sales they use, each property has a wide sales range. I pulled my house and Zillows estimate was 406k. I have a model match behind me, same upgrades, lot size etc. but they have a pool, spa and guest house, Zillows estimate, 386k. How do they get that #? It should be worth more than mine!
As a Real Estate Agent and an Appraiser, I know my house is currently worth about 360k right now.
Unfortunately, I have never been able to find an internet site that accurately estimates property values. The only way to know for sure is having an appraisal done, this is the most accurate. You can also ask a local Real Estate Agent to check your value, they can come pretty close.

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