Over time, the worth of a piece of real estate will fluctuate up and down.
House values appreciate in the long term generally.
But there are no "sure things" in real estate, of course.
When your property appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
There are various reasons why property values in Miami go up and down. So, how can you be sure what you're purchasing today will appreciate over time?
The most important aspect to consider is that you choose a REALTOR® in Miami who knows the factors that affect local prices.
The economy is thought to be the greatest factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and a lot of other national factors have a noticeable influence on your home's value.
But the most influential things that determine your house's value depend on the local Miami economy and housing market.
Location in a community - Most people want homes in the areas with the best and most convenient amenities, like our schools and work.
So those communities typically appreciate, or hold their value, best.
The latest home sales - You should receive figures on the recent real estate sales in the areas that you're interested in from your agent. You'll need to analyze things like time on market and seller discounts.
History of appreciation - In the last 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good blend of work in an area, or does it rely on just one industry?
All these play a role.
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.