Real Estate in Meridian Idaho is like real estate anywhere else, is always an investment, whether you purchase a house knowing that you're going to resell it within a few years or you intend on own it for the rest of your life. Either way, ownership almost always adds to your personal net worth as there's a much better chance than not that you will make a profit on it. 

Home Value Fluctuation

Just like almost any investment, home value fluctuation is a fact of life. That variability usually works in your favor, but your neighbor could have an effect on your home’s value that can work for or against you.  The National Bureau of Economic Research explains that momentum and cycles are at the heart of home value fluctuation. Home values in Idaho go through cycles, and the local economy plays a large part in the momentum part of the equation. That is true when you take an overall, general look at home values in Idaho, but a good economy and strong housing prices don't guarantee you'll make a profit on your house. You need to drill down and look at what area of the city your neighborhood is in, the neighborhood itself, and at the houses closest to yours. Your neighbors effect on home value can be positive or negative, meaning you have a lot riding on the condition of the real estate around you. To check similar comparables to your Meridian Idaho home, you can check here: Homes in Meridian Idaho to see view similar properties in your neighborhood to see where asking prices are for similar properties.  You can also email the broker/owner of Meridian’s Stewart Realty, LLC, Jeff Stewart for a detailed Comparative Market Analysis using actual sold prices by clicking here: jeff@stewartrealtyllc.com.

First Impressions

As a prospective buyer cruises your street looking for your house number or the Realtor's "For Sale" sign in your yard, they can't help but notice what the rest of the neighborhood looks like. Well-kept yards and nicely maintained homes will support your sales price even before they arrive at your house and take a tour. On the other hand, that same principle can work in reverse as it is a double edged sword. If the homes and yards around you are not being well maintained or if there are broken down vehicles, driveways filled with old appliances or garbage the value of your house can drop by more than 10 percent. Obviously, most of us would be turned off by these items and so is just about everyone else.

Appraisal Value

It's not just the buyers' opinion of what your home is worth. The combined effect of these negative attributes has already affected values of the sold properties that the appraisers have used in their appraisals as well as assessed values, etc. According to the New York Times appraisers factor in the conditions of the surrounding properties when it is obvious that they are having an effect. Loud neighbors in dilapidated homes and yards adjacent to yours can drop the appraised value of your home by up to 10 percent, while landscaped yards, pleasant neighbors, and beautifully kept homes can increase the value conversely.  A loud barking dog next door while a buyer is being shown your property can also have a serious negative affect.

The Effect on Upgrades

If you bought a fixer-upper and had visions of granite countertops, Jacuzzi spa tubs, and home theater rooms, U.S. News and World Report recommends finding out just how far your neighbors have gone with their renovations. That's because you probably won't be able to recoup the cost of those improvements if neighboring houses don't have similar amenities. Of course, if you want those luxuries for yourself or if you plan on staying a long time to enjoy those items, that's one thing, but be careful as your neighborhoods effect on value should be taken into consideration when the goal is to sell the property for maximum profit.

To find out more about home values in Idaho, give Jeff Stewart at Stewart Realty a call. Not only is he a Broker and Realtor, but he's worked as an appraiser and builder in Southwestern Idaho as well. Jeff's experience and expertise are invaluable whether you're buying or selling a home. 

The team at Stewart Realty knows homes and they know Southwest Idaho real estate. To find out more about real estate in the Boise Region give Jeff Stewart at Stewart Realty a call to set up your personal real estate search, a personal tour of the area and find some great homes that fit your needs and budget.

Compose Your Personal MLS Search With Us:
http://StewartRealtyllc.com or http://HomesInMeridian.com

Jeff Stewart, Broker/Owner 208-602-1993 or jeff@stewartrealtyllc.com