Fluctuating home prices in Miami, Florida: What causes this?
Over time, the worth of a piece of real estate will fluctuate up and down.
Over a long enough period of time, house values , in most cases, go up.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have more resources to borrow against, and you make a better profit when you sell.
There are numerous reasons why property values in Miami move up and down. So, how will you know what you're purchasing today will appreciate over time?
Choosing a REALTOR® in Miami who can identify the factors that drive local prices is the most important aspect to consider.
A lot of people think that the economy is the most important factor impacting real estate appreciation.
there are several issues on a national level that influence your house's value: unemployment, mortgage rates, consumer confidence, and more.
However, your property's value and the components that play the biggest role in its appreciation depend on the local Miami economy and housing market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So these regions typically appreciate, or keep their value, best.
Recent home sales - You should receive reports on the recent real estate sales in the areas that you're interested in from your agent. You'll need to analyze data like time on market and seller discounts.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have property prices risen or declined over the last 5 to 10 years?
Local economy - Is there a good mix of work 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 elements plays a role.
It's important to learn about the factors that affect your home's price.
Visit this link
for an assessment of your house's value.
Call me at (786) 388-0110 or e-mail me
if you have any questions at all. I'd love to hear from you.