Real estate values are constantly moving up and down.
By and large, property values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have more resources to borrow against, and you'll generate a greater profit when you sell.
Property values in Miami vary for a variety of reasons, so how will you be sure what you're purchasing this year won't depreciate the day after you close?
Choosing an agent in Miami who recognizes the factors that affect local prices is the most important thing.
A lot of people assume that the economy is the most critical factor impacting real estate appreciation.
It goes without saying that
mortgage rates, unemployment, job growth, government programs and some other national determinants have a noticeable influence on your house's worth.
However, your home's value and the factors that play the most significant role in its appreciation are specific to the local Miami economy and housing market.
Location in a community - People typically want homes in the districts with the most convenient features, such as our schools, jobs, and shopping.
So when it comes to retaining their value, these communities usually appreciate the best.
Real estate sales trends - How quickly are houses selling? What was the final sales amount compared to the asking price? Some information 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 property prices gone up or down over the last 5-10 years? Is the community thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mixture of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
Each of these things plays a role.