Over time, the value of a property will go up and down.
House values appreciate in the long term typically.
But, in real estate there are no "sure things".
When your property appreciates you have more equity to borrow against, and you get a greater profit when you sell.
But how will you know what you're purchasing today will appreciate over time? Property values in Miami waver for numerous reasons.
The most important element to consider is that you pick an agent in Miami who can identify the factors that drive local prices.
A lot of people assume that the economy is the most influential factor affecting real estate appreciation.
It goes without saying that
there are many issues on a national level that influence your property's value: unemployment, mortgage rates, business growth, and more.
But the most important things that determine your property's value depend on the local Miami economy and residential market.
Access to services - Proximity to jobs and schools also have a great effect on all home buyers' decisions.
So when it comes to holding their value, these regions often appreciate much more reliably than areas lacking key features.
The latest home sales - How fast are houses selling? What was the final sales amount compared to the asking price? A lot of data can often 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.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the area considered desirable because of its location or affordability?
Local economy - Is there a nice mixture of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these pieces plays a role.
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