Is My House Losing Value?

The true realization of value in your home only takes place when you sell the home and have the check in your hand. So, if you are watching Zillow estimates and the number is going down but you don’t plan on selling, the numbers are not meaningful. For those who are considering selling, as of late, you may have seen a small dip in the value of your home on automated valuation systems. If you purchased your home over a year ago in the Phoenix area, this small dip is not enough to offset the gains you’ve seen since purchasing.  Year-to-date, we’ve seen about 9% appreciation across the valley. If you’ve owned for a long time, your home is almost undoubtedly worth far more than you paid for it. Don’t get too hung up on weekly or monthly changes. Only get concerned with value when you decide to sell, and when you do decide to sell, rely on a trusted agent for an opinion of value, not just what the computers say.  

The value of a house in Arizona can be influenced by various factors such as:

1. Location: The desirability of the neighborhood, proximity to schools, public transportation, shopping centers, and amenities can all impact the value of your house.
2. Economic conditions: The state of the local and national economy can impact the real estate market and affect the value of your home.
3. Condition: The overall condition of your house, including the age of the roof, HVAC system, and appliances, as well as any necessary repairs or updates, can affect its value.
4. Supply and demand: The number of homes for sale in your area and the number of buyers looking to purchase a home can affect the value of your house.
5. Interest rates: Fluctuations in interest rates can impact the affordability of buying a home, which can in turn impact the value of your home.

It’s important to keep in mind that the real estate market can be unpredictable, and changes in property values can vary depending on local market conditions. Staying informed about the local real estate market trends and keeping your home well-maintained can help preserve its value. Additionally, consulting with a local real estate agent or appraiser can provide valuable insights into the current market value of your home.