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What drives property values to move up and down?Over time, the value of a home will fluctuate up and down. Typically, home values appreciate in the long term. But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you get a greater profit when you sell. There is a variety of reasons why property values change. So, how will you be sure what you're investing in today will appreciate over time? The most important element to consider is that you go with a real estate agent who is familiar with the factors that affect local prices.
The economy is thought to be the number one factor affecting real estate appreciation. Clearly, there are a lot of issues on a national level that impact your home's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most important things that determine your property's value depend on the local economy and residential market.
 Location in a community - Many of us want to live in districts with the most accommodating traits for families to succeed, like a close proximity to schools and work. So when it comes to keeping their value, these regions typically appreciate much more reliably than areas lacking key features.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the listing price? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the area considered desirable because of its location or affordability? Have property prices gone up or down over the past 5-10 years?
Local economy - Is there a nice blend of jobs in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring? Each of these things plays a part.
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It's important to learn about the factors that play into your home's financial worth. Visit this link for an estimation of your property's value. And if you have any questions, call me at (502)477-6561 or e-mail me . |
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6287 Taylorsville Road Fisherville, KY 40023-6443 Phone: Fax: First Time Buyers | Home Buyer Checklist | For Buyers | Real Estate Glossary | Selling Your Home | Home | Home Appreciation Copyright © 2012 Elk Creek Realty
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