Property prices are continually changing.
Home values appreciate in the long term generally.
But, in real estate there are no "sure things".
When your home appreciates you have more equity to borrow against, and you'll generate a higher profit when you sell.
Property values in Delray Beach fluctuate for various reasons, so how will you be sure what you're investing in today won't depreciate the day after you close?
It's important that you go with an agent in Delray Beach who recognizes the factors that affect local prices.
Many think that the economy is the major factor impacting real estate appreciation.
It goes without saying that
there are numerous issues on a national level that change your property's value: unemployment, interest rates, business growth, and more.
However, your home's value and the things that play the most significant role in its appreciation are particular to the local Delray Beach economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values.
So when it comes to keeping their value, these areas generally appreciate much more reliably than areas lacking key features.
Recent home sales - How fast are houses selling? What was the selling price compared to the asking price? Some information can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have property prices risen or declined over the last 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good blend of business in an area, or does it count on just one industry?
Each of these items plays a role.