Don't just focus on your homes physical properties when assessing the value, but also think about an even more important factor, the location of the land. CoreLogic staffer David Stiff explains the importance and difficulty of figuring volatile land values.
In addition to land values, Stiff explains how structure costs can also be observed. These cost are relatively steady in comparison to the uncertainty seen with land values:
...residential land values in most markets are highly speculative. Buyers, sellers and residential developers are making guesses – sometimes educated, sometimes not – about the current and future values of locations when they are setting the prices for properties. This means that property prices are more speculative and volatile in markets where land values are a larger proportion of total property value.