Property values are forever in flux. Property values appreciate in the long term usually. But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a greater asset to borrow against, and you’ll produce a greater profit when you sell. But how do you know what you’re investing in right now will appreciate over time? Property values in Miami move up and down for many different reasons. It’s important that you choose a REALTOR® in Miami who is familiar with the factors that affect local prices.Many are convinced that the economy is the major factor impacting real estate appreciation. Obviously, interest rates, unemployment, job growth, government programs and several other national factors have a measurable alter your property’s worth. But the most influential factors that figure your home’s value are specific to the local Miami economy and housing market.
People typically want homes in the regions with the best and most convenient features, such as our jobs and schools. So those areas consistently appreciate, or retain their value consistently, year to year.
Your agent should provide you with stats on the recent real estate sales in the areas that you’re interested in. You’ll want to know average time on market, selling versus listing price and more.
Have house prices gone up or down over the past 5-10 years? Is the neighborhood considered desirable because of its location or affordability?
Have businesses moved into or away from an area? Are local companies hiring? Is there a nice combination of jobs in an area, or does it count on just one industry? Each of these elements plays a part.
Contact me today for a free Home Valuation