Property values are constantly moving up and down. Almost always, property values appreciate in the long term. But, in real estate there are no guarantees.
When your home appreciates you have a bigger asset to borrow against, and you'll produce a larger profit when you sell. Property values in Palm Beach County shift for numerous reasons, so how will you be sure what you're buying now won't depreciate the day after you close? The most important thing is that you choose a real estate agent in Palm Beach County who understands the factors that affect local prices.
A lot of people believe that the economy is the most critical factor affecting real estate appreciation. After all, mortgage rates, unemployment, business growth, government programs and quite a few other national factors have a measurable impact on your home's value. However, your property's value and the factors that play the most significant role in its appreciation depend on the local Palm Beach County economy and housing market.
Location in a community - Many of us want to live in regions with the most helpful features for households to grow, such as a close proximity to jobs and schools. So those regions often appreciate, or keep their value consistently, year to year.
Recent home sales - How quickly are homes selling? Are sellers needing to discount much or offer concessions Some information can often be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is thought to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good mixture of work in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing? All these play a role.
Recognizing the factors that affect your house's financial worth is important. Click here to receive an evaluation of your house's value. And if you have any questions, call me at (561) 313-4432 or e-mail me .