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What causes California DRE Lic# 01408453 home prices to fluctuate?
Home prices are constantly moving up and down.
Property values appreciate in the long term generally.
But there are no guarantees in real estate.
When your property appreciates you have a larger asset to borrow against, and you make a higher profit when you sell.
Property values in California DRE Lic# 01408453 vary for many different reasons, so how do you know what you're buying this year won't depreciate the day after you close?
The most important element is that you pick a REALTOR® in California DRE Lic# 01408453 who knows the factors that drive local prices.
Many believe that the economy is the most crucial factor impacting real estate appreciation.
Obviously,
there are many factors on a national level that adjust your house's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most significant factors that decide your property's value are particular to the local California DRE Lic# 01408453 economy and residential market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So these regions generally appreciate, or retain their value, best.
Recent sales - Your REALTOR® should provide you with information on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice combination of job types in an area, or does it rely on just one industry?
Each of these items plays a part.
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Recognizing the factors that affect your house's worth is important.
Click here to get an assessment of your property's value.
And if you have any questions, call me at (408)988-0888 x 123 or e-mail me .
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