Many will wonder why this happens. There are so many reasons this can happen and I will start with the top three. Major businesses in the local area close which leads to sellers are selling at a lower market value to unload their home quickly. Another big one is registered sex offenders close by in area, however they are everywhere. Increased noise and pollution diminishes enjoying peace and quiet homeownership in your location.
Upon a home inspection unlicensed shoddy work automatically brings value down and must be current on county records. Another is roof damage and or life expectancy has expired on roof. Once within 5 years of expiration insurance company may send notices to replace roof, if not your premium will go up due to risk. Outdated kitchen and bathrooms also can be an eyesore and will bring value down. Older tile shy's away many buyers right off the bat. Fence and or pool needs repair. Appraisers understand and apply the the dynamics of what percentage decreases on each room based on current status of each room and location.
When appraisers see recent sales with 90 days decrease this can dramatically impact the value of your home. There are many reasons for decreased sales in your three to five mile radius of your property. Several reasons can be divorce, loss of job or reduction in income, short sale and foreclosure that brings down value of current area in which you live. All appraisers are certified in this scope of work and stringent test must be passed to achieve a job of this nature. Any questions you may have concerning buying or selling a home, let met put my 16 years of experience to work for you today and contact me on Facebook Kevin Sells Florida and Kevin Selling Florida