The re-emergence of the real estate market includes the rise of home values in many areas. In some places home values have doubled or tripled their former value. This circumstance leaves many homeowners wondering if the increased value of their home also requires an increase in insurance coverage. This article explains the process of home values and home owners insurance. In some cases one does affect the other. Learn why you should keep records of your home's value and pay close attention to your home owner's insurance.
Real estate prices focus on demand. The more demand there is for a house, the more a seller can ask to be paid. Demand depends on a number of factors and can change over time. An example: Location is one of the most important factors in real estate. If a home is in a trendy neighborhood, a great school district or near desirable shopping or entertainment venues, its market value could be greater than that of a house in another location. On the other hand, neighborhoods can fall off “popular” lists, school districts can be redrawn, and stores and theaters can close. That same house likely wouldn’t sell for nearly as much. Most recently, home values have increased in many parts of the country as the real estate market heated back up after the recession. As more buyers enter the market, sellers can demand higher prices.
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