Over time, the worth of a home will go up and down.
For the most part, house values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your home appreciates you have more resources to borrow against, and you'll make a better profit when you sell.
Property values in Delray Beach rise and fall for different reasons, so how will you know what you're investing in presently won't depreciate the day after you close?
It's imperative that you choose a REALTOR® in Delray Beach who can identify the factors that influence local prices.
Many assume that the economy is the greatest factor affecting real estate appreciation.
mortgage rates, employment, job growth, government programs and a lot of other national determinants have a noticeable impact on your home's worth.
But the most important factors that figure your house's value depend on the local Delray Beach economy and residential market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So these regions often appreciate, or retain their value, best.
The latest home sales - You should receive statistics on the recent real estate sales in the neighborhoods that you'd like to live in from your REALTOR®. You'll want to know figures like time on market and asking price as opposed to selling price.
Appreciation history - Have property prices increased or decreased over the last 5-10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mixture of business in an area, or does it count on just one industry?
Each of these items plays a part.