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How much does an unkempt backyard affect an appraisal? I can only find info about the front yard curb appeal. I'm doing a refinance to buy out my ex-husband's equity and he didn't keep up on the yard. It's about 50% dead, TONS of weeds and a big pile of bricks on the small patio.
Hey Mackenzie, great question! As long as your backyard isn't in an awful state, than an appraiser might just assign the value to your home to similar comps that don't have a backyard landscaping vs. a higher valuation for homes with a completed backyard. The main focus are the actual features, amenities, and benefits of your actual residence. That said, front and backyards can add or substract value depending on the condition and how they impact the function of the property. The best way to know for sure is to higher an appraiser in your area to value your property. I truly feel for you and hope that appraisal comes in at the value needed for you to buy your your ex-husband's equity. Sending you positive vibes everything goes your way!
If you are trying to sell it, then I would fix it up. The competition is greater now, so buyers will be pickier. They will see an unkept yard as work and money that they will have to spend in addition to the house cost. Who wants that extra work after you are tired from a move. Put yourself in the buyers shoes. What would you do?
Thank you for sharing with us Ally! Indeed, between 2012- Jan, 2022, mortgage rates have been very low from a historic perspective. The average mortgage rate, historically, is roughly 8.41%. We'll see what happens in the next Fed meeting and how rates follow the news. Though some say rates don't cause a drop in property value, I disagree. Price drops don't usually happen right away but what seems not be said is the drop in property values after 1-2 years of higher rates. We'll see how the current housing recession plays out. It won't be like 2008 and if the rates do climb to into the 7's or low 8's then even a rate of 25% home depreciation won't be enough to offset the monthly mortgage at the higher rate. It's a mixed bag. It will depend on economic and monetary policies as we move forward. I'll keep sharing in hopes the videos I create will help you and everyone that watches. Thank you for watching! Sending you positive vibes everything goes your way!
My mortgage in 2004 was 6.5%. Growing up in a era where mortgage rates in the 80's when rates were really high, I thought I had gotten a bargain. Now it's 18 years later and I'm in the process of buying my next home. I was quoted 4.8% fixed for 15 years. I have no complaints and can't wait for closing. I think it's funny how people today have been scared of buying since interest rates went up. We can always re-finance ya know.
Thank you for sharing with us Leechburg Lights! You're absolutely right! Congrats on your upcoming closing. Wishing you many happy years full of love, health, wealth, abundance, and happiness in your new home! Super excited for you! Sending you positive vibes everything is going your way!
The average price of a home in 1982 was ~69k… adjusted for inflation in todays dollars that’s ~$174k with an IR of 18.45%. That’s $2354 per month adjusted for inflation in ‘82 Todays MHV is $428,000 at a 6.39% IR is $2,671… Meanwhile the median income (adjusted for inflation) was 72k ‘82… it’s only 77k now… even though the price of food, gas, and vehicles are astronomically higher today. That’s the math. Not good. There will undoubtedly be a housing crash if IR climb any higher. It’s inevitable.
