Home prices are forever in flux. Over a long enough period of time, home values normally appreciate. But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a larger asset to borrow against, and you get a bigger profit when you sell. But how do you know what you're buying right now will appreciate over time? Property values in Miami vary for a variety of reasons. Choosing an agent in Miami who is familiar with the factors that affect local prices is the most important element to consider.
A lot of people are convinced that the economy is the major factor affecting real estate appreciation. Obviously, there are a lot of factors on a national level that adjust your home's value: unemployment, interest rates, consumer confidence, and more. But the most significant things that determine your property's value are particular to the local Miami economy and housing market.
Access to services - Proximity to schools and work also have a significant impact on many home buyers' choices. So these regions usually appreciate, or retain their value, best.
The latest home sales - You should receive figures on the recent real estate sales in the districts that you're asking about from your REALTOR®. You'll need to analyze figures like time on market and listing price as opposed to selling price.
History of appreciation - In the last 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is considered?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice combination of work in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing? These items play a part.
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