Fluctuating home prices in Florida? What causes this?
Over time, the worth of a home will fluctuate up and down. House values appreciate in the long term typically. But, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you make a better profit when you sell. Property values in Coral Springs and the surrounding areas, vary for numerous reasons, so how will you know what you're purchasing this year won't depreciate the day after you close? It's important that you choose an agent in Coral Springs area who is familiar with the factors that affect local prices.
Many assume that the economy is the greatest factor impacting real estate appreciation. Naturally, mortgage rates, employment, business growth, government programs and many other national determinants have a measurable effect on your home's value. But the most significant things that figure your property's value are particular to the local Coral Springs economy and residential market.
Access to services - Many of us decide to live in areas with the most accommodating characteristics for homes to grow, such as a close proximity to schools, jobs, and work. So those regions generally appreciate, or carry their value consistently, year to year.
Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking price? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
History of appreciation - In the last 5-10 years, have property 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 businesses moved into or away from an area? Is there a nice mix of business in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?These items play a part.
It's important to understand the factors that play into your property's price.Visit this link
for an assessment of your house's value. Call me at (954) 673-2649 or e-mail me
if you have any questions at all. I'd love to hear from you.