Miami home prices: Need some help understanding why they appreciate?
Home prices are forever in flux.
Over a long enough period of time, home values typically appreciate.
But, in real estate there are no guarantees.
When your house appreciates you have a bigger asset to borrow against, and you'll generate a greater profit when you sell.
There are many different reasons why property values in Miami rise and fall. So, how will you know what you're buying today will appreciate over time?
Choosing an agent in Miami who recognizes the factors that influence local prices is the most important element to consider.
A lot of people guess that the economy is the greatest factor impacting real estate appreciation.
interest rates, employment, business growth, government programs and several other national determinants have a measurable effect on your home's value.
But the most influential things that decide your property's value are specific to the local Miami economy and housing market.
Location in a community - People typically want homes in the districts with the best and most convenient amenities, like our work and schools.
So when it comes to retaining their value, these areas consistently appreciate the best.
Recent home sales - How quickly are homes selling? What was the final sales amount versus the asking price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good combination of job types in an area, or does it count on just one industry?
Each of these things plays a part.
It's wise to be informed about the factors that influence your property's value.
to get an assessment of your property's value.
Please call me at (786) 388-0110 or e-mail me
with any questions.
Home Status Report
Want to know if a home is still on the market, or if the price has changed? We can help. Simply fill out the information below and with no obligation to you we'll get back to you with your requested information. We guarantee your privacy.