What drives property values in Miami to move up and down?Real estate prices are forever in flux. Over a long enough period of time, home values , in most cases, go up. But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more resources to borrow against, and you'll generate a better profit when you sell. But how do you know what you're investing in this year will appreciate over time? Property values in Miami shift for numerous reasons. The most important thing to consider is that you select a real estate agent in Miami who understands the factors that influence local prices.
The economy is believed to be the major factor affecting real estate appreciation. After all, there are a handful of issues on a national level that alter your property's value: unemployment, interest rates, business growth, and more. But the most significant things that decide your home's value are particular to the local Miami economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a huge impact on all home buyers' choices. So these regions often appreciate, or hold their value, best.
Real estate sales trends - How fast are houses selling? Are sellers having to discount much or offer concessions Some information can be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the past 5-10 years, have home prices increased or decreased? Does location or affordability affect how desirable the neighborhood is thought of as?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair combination of jobs in an area, or does it rely on just one industry? Each of these factors plays a role.
|It's vital to know the factors that affect your property's price. Click here to receive an assessment of your property's value. Call me at (305)382-3105 or e-mail me if you have any questions at all. I'd love to hear from you.|