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Market Trends - Old homes are suddenly costing more than new ones [1]

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Here’s Why Old Homes Suddenly Cost More Than New Ones https://t.co/GeFq5TW277 https://t.co/ZHPE9nEOKa ...

Real Estate Market Risk - Severe weather threatens over $12 trillion in US home value [1] - Over 25% of US properties are impacted by severe weather [1]

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Home Improvement Strategies - Renovations and upgrades can increase home value [1] - Investing in home improvements can force appreciation [1]

Core Insights - Understanding home value is crucial for homeowners when refinancing, selling, or managing capital gains taxes [1][2] Factors Impacting Home Values - Home values are influenced by controllable factors (like renovations) and uncontrollable factors (like market conditions) [2] - Three distinct types of home values exist: appraised value, fair market value, and assessed value [2][3] Types of Home Values - **Appraised Value**: An expert's opinion on a home's worth, which may differ from sale price due to market conditions [2] - **Fair Market Value**: The price a buyer is willing to pay, influenced by supply, demand, and property features [3] - **Assessed Value**: The value assigned by local government for tax purposes, typically a percentage of fair market value [3] Tax Implications - Homeowners may qualify for tax exemptions that lower property taxes without altering assessed value [4] Methods to Determine Home Value - **Independent Research**: Homeowners can check tax records and use online valuation tools for initial estimates [5][6] - **Comparative Market Analysis (CMA)**: Real estate agents provide CMAs based on recent sales of comparable properties [8][9] - **Home Appraisal**: Hiring a licensed appraiser offers the most accurate valuation, considering property condition and recent sales [10][11] Changes to Home Value - Home value can increase through renovations, new installations, or expanding living space [12][14] - Decreases in value may occur due to disrepair, economic downturns, or neighborhood changes [12][15][18] FAQs on Home Value - Different valuation types serve specific purposes: assessed value for taxes, appraised value for borrowing, and fair market value for sales [15] - Strategic remodeling can yield better returns on investment compared to large singular projects [16]