Property values are forever in flux. Property values appreciate in the long term by and large. But there are no "sure things" in real estate, of course.
When your property appreciates you have a bigger asset to borrow against, and you'll create a bigger profit when you sell. Property values in Miami shift for a variety of reasons, so how will you be sure what you're buying now won't depreciate the day after you close? Choosing a REALTOR® in Miami who knows the factors that influence local prices is the most important aspect to consider.
Many are convinced that the economy is the top factor impacting real estate appreciation. Clearly, there are many issues on a national level that affect your house's value: unemployment, interest rates, business growth, and more. But the most significant factors that figure your home's value are specific to the local Miami economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values. So when it comes to retaining their value, these areas typically appreciate better than others.
Recent home sales - You should receive data on the recent real estate sales in the districts that you're interested in from your REALTOR®. You'll want to analyze figures like time on market and seller discounts.
The appreciation history - Is the area considered desirable because of its location or affordability? Have house prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mix of jobs in an area, or does it count on just one industry? These items play a role.
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