Over time, the worth of a piece of real estate will go up and down.
Usually, house values appreciate in the long term.
But, in real estate there are no guarantees.
When your home appreciates you have a larger asset to borrow against, and you get a higher profit when you sell.
Property values in Miami go up and down for a variety of reasons, so how will you be sure what you're investing in presently won't depreciate the day after you close?
It's critical that you go with a REALTOR® in Miami who understands the factors that affect local prices.
What is the number one factor impacting real estate appreciation? Many assume that it's the economy.
Obviously,
there are a handful of factors on a national level that affect your property's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your home's value and the elements that play the biggest role in its appreciation depend on the local Miami economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many families and will greatly influence home values.
So those communities consistently appreciate, or keep their value, best.
Recent home sales - You should receive reports on the recent real estate sales in the districts that you'd like to live in from your agent. You'll need to learn things like time on market and listing price versus selling price.
History of appreciation - In the past 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the community is considered?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mixture of business in an area, or does it rely upon just one industry?
These items play a part.