Real estate prices are constantly moving up and down.
Property values appreciate in the long term usually.
But there are no "sure things" in real estate, of course.
When your house appreciates you have a greater asset to borrow against, and you'll make a larger profit when you sell.
But how do you know what you're investing in today will appreciate over time? Property values in Delray Beach go up and down for various reasons.
The most important aspect to consider is that you pick a REALTOR® in Delray Beach who understands the factors that drive local prices.
What is the top factor affecting real estate appreciation? Many guess that it's the economy.
there are numerous factors on a national level that influence your home's value: unemployment, mortgage rates, business growth, and more.
But the most important factors that decide your property's value are specific to the local Delray Beach economy and residential market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So when it comes to keeping their value, these regions typically appreciate better than others.
Recent home sales - How quickly are homes selling? What was the final sales amount compared to the listing price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have home prices increased or decreased over the past 5 to 10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair combination of business in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
Each of these items plays a role.