Over time, the value of a house will go up and down. Home values appreciate in the long term for the most part. But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a larger asset to borrow against, and you’ll create a bigger profit when you sell. But how do you know what you’re investing in now will appreciate over time? Property values in Naples go up and down for various reasons. It’s critical that you go with a real estate agent in Naples who is familiar with the factors that influence local prices.
The economy is assumed to be the top factor impacting real estate appreciation. Naturally, mortgage rates, employment, job growth, government programs and some other national determinants have a definite influence on your property’s value. But the most significant things that figure your house’s value depend on the local Naples economy and residential market.
Location in a community – Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values. So when it comes to keeping their value, these regions consistently 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 final sales amount versus the asking price? A lot of data can often be retrieved 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 community believed to be desirable because of its location or affordability? Have house prices gone up or down over the last 5-10 years?
The local economy – Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair blend of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing? Each of these elements plays a part.
Identifying the factors that impact your home’s price is important. Click here to get an estimation of your home’s value. Call us at (800) 448-3411 or e-mail us if you have any questions at all. We’d love to hear from you.
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