Property prices are constantly moving up and down.
Over a long enough period of time, property values , for the most part, appreciate.
But there are no guarantees in real estate, of course.
When your house appreciates you have a bigger asset to borrow against, and you'll see a bigger profit when you sell.
There is a variety of reasons why property values in Miami fluctuate. So, how do you know what you're investing in presently will appreciate over time?
It's critical that you select a REALTOR® in Miami who is familiar with the factors that influence local prices.
Many think that the economy is the top factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and many other national determinants have a measurable influence on your house's worth.
But the most influential issues that decide your home's value depend on the local Miami economy and residential market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So these areas generally appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should give you facts and figures on the recent real estate sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have house prices risen or declined over the last 5-10 years?
Local economy - Is there a nice mix of jobs in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a part.