Real estate values are forever in flux.
Typically, home values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a greater asset to borrow against, and you make a higher profit when you sell.
Property values in Miami change for various reasons, so how will you be sure what you're purchasing this year won't depreciate the day after you close?
It's important that you pick an agent in Miami who recognizes the factors that affect local prices.
A lot of people are convinced that the economy is the number one factor impacting real estate appreciation.
there are many factors on a national level that influence your house's value: unemployment, interest rates, business growth, and more.
However, your home's value and the components that play the most significant role in its appreciation depend on the local Miami economy and housing market.
Access to services - Proximity to schools and work also have a huge impact on most home buyers' choices.
So those areas typically appreciate, or carry their value consistently, year to year.
Real estate sales trends - What's the time on market? Are sellers needing to discount much or offer concessions Some information can be obtained from public records, but a good agent with a login to the local MLS will often be able to 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?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mixture of work in an area, or does it count on just one industry?
All these play a role.