Real estate prices are constantly moving up and down.
In most cases, home values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll create a higher profit when you sell.
Property values in Delray Beach vary for many different reasons, so how can you be sure what you're purchasing right now won't depreciate the day after you close?
Choosing a REALTOR® in Delray Beach who recognizes the factors that affect local prices is the most important aspect to consider.
Many assume that the economy is the most influential factor impacting real estate appreciation.
there are a handful of factors on a national level that affect your home's value: unemployment, mortgage rates, consumer confidence, and more.
However, your house's value and the components that play the most significant role in its appreciation are specific to the local Delray Beach economy and housing market.
Access to services - People typically want homes in the districts with the best and most convenient places we go often or everyday, like our schools and jobs.
So these areas usually appreciate, or hold their value consistently, year to year.
The latest home sales - You should receive stats on the recent real estate sales in the areas that you're asking about from your REALTOR®. You'll want to learn things like how long a house stays on the market and seller discounts.
Appreciation history - Have house prices gone up or down over the past 5 to 10 years? Is the community thought to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mixture of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
All these play a part.