Understanding Todays Home PricesOver time, the worth of a piece of real estate will go up and down. Usually, home values appreciate in the long term. But, in real estate there are no guarantees.
When your home appreciates you have a more valuable asset to borrow against, and you get a higher profit when you sell. There are various reasons why property values in todays market go up and down. So, how will you know what you're investing in this year will appreciate over time? Choosing a REALTOR® in San Diego County who is familiar with the factors that influence local prices is the most important thing.
A lot of people think that the economy is the most crucial factor impacting real estate appreciation. Obviously, interest rates, unemployment, job growth, government programs and quite a few other national determinants have a definite effect on your property's value. But the most influential things that determine your house's value depend on the local economy and residential market.
Location in a community - People typically want homes in the districts with the most convenient places we go often or everyday, like our schools, jobs, and shopping. So these areas usually appreciate, or hold their value consistently, year to year.
The latest home sales - You should receive statistics on the recent real estate sales in the regions that you'd like to live in from your real estate agent. You'll want to learn figures like how long a house stays on the market and listing price versus selling price.
Appreciation history - Have property prices gone up or down over the last 5 to 10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair blend of jobs in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing? These items play a role.
|It's smart to know the factors that affect your house's value. Visit this link for an assessment of your house's value. Have any questions? Please feel free to call me at 619.666.4672 or e-mail me.|