Home values are forever in flux.
For the most part, home values appreciate in the long term.
But, in real estate there are no guarantees.
When your home appreciates you have more resources to borrow against, and you'll generate a better profit when you sell.
But how will you know what you're buying now will appreciate over time? Property values in Delray Beach move up and down for numerous reasons.
The most important thing is that you select a REALTOR® in Delray Beach who is familiar with the factors that affect local prices.
What is the most critical factor affecting real estate appreciation? Many guess that it's the economy.
interest rates, employment, business growth, government programs and some other national factors have a measurable impact on your home's worth.
However, your property's value and the elements that play the biggest role in its appreciation are particular to the local Delray Beach economy and housing market.
Location in a community - Proximity to jobs and schools also have a major impact on all home buyers' choices.
So when it comes to keeping their value, these communities consistently appreciate much more reliably than areas lacking key features.
The latest home sales - How long are homes up for sale before closing? 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 a login to the local MLS will often provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have house prices risen or declined? Does location or affordability affect how desirable the neighborhood is thought to be?
Local economy - Is there a good mixture of job types in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
These items play a part.