Fluctuating Home Prices In Florida:
What Causes This?Property values are constantly moving up and down. For the most part, house values appreciate in the long term. But, of course, there are no "sure things" in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll make a greater profit when you sell. But how will you know what you are purchasing today will appreciate over time? Property values shift for different reasons. It is important that you select an agent who recognizes the factors that affect local prices.
A lot of people think that the economy is the top factor affecting real estate appreciation. After all, there are numerous issues on a national level that change the value of your property: unemployment, interest rates, the stock market, and more. But the most important issues that determine the value of your house are particular to the local economy and residential market.
Access To Services - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values. So when it comes to retaining their value, these areas typically appreciate better than others.
Real Estate Sales Trends - What is the time on market? Are sellers having to discount much or offer concessions. Some information can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
History Of Appreciation - In the past 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the neighborhood is believed to be?
The Local Economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good combination of job types in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing? All these play a part.
|Identifying the factors that influence the market price of your home is important. Request a valuation of your home here. If you have any questions, please call us at 954.303.6060 or please e-mail.|