Property values are constantly moving up and down.
Generally, home values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a bigger asset to borrow against, and you get a greater profit when you sell.
Property values in Delray Beach fluctuate for different reasons, so how will you know what you're purchasing today won't depreciate the day after you close?
The most important part is that you pick a REALTOR® in Delray Beach who is familiar with the factors that drive local prices.
What is the major factor impacting real estate appreciation? Many assume that it's the economy.
there are a lot of issues on a national level that impact your property's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most influential issues that determine your home's value depend on the local Delray Beach economy and housing market.
Access to services - Many consumers want to live in regions with the most conducive amenities for homes to develop, like a close proximity to schools, jobs, and work.
So those communities consistently appreciate, or keep their value consistently, year to year.
Recent sales - Your agent should provide you with facts and figures on the recent real estate sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have house prices risen or declined over the past 5-10 years?
Local economy - Is there a good blend of job types in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local companies hiring?
These items play a role.