Real estate values are constantly moving up and down.
Home values appreciate in the long term by and large.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have more equity to borrow against, and you get a bigger profit when you sell.
But how will you know what you're buying this year will appreciate over time? Property values in Miami vary for different reasons.
The most important factor is that you choose a REALTOR® in Miami who can identify the factors that affect local prices.
What is the most crucial factor impacting real estate appreciation? Many assume that it's the economy.
there are several factors on a national level that adjust your home's value: unemployment, mortgage rates, business growth, and more.
But the most influential things that determine your property's value are specific to the local Miami economy and residential market.
Access to services - Many home buyers decide to live in areas with the most helpful features for families to develop, like a close proximity to schools and work.
So when it comes to retaining their value, these regions often appreciate better than others.
Recent sales - Your REALTOR® should give you information on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have home prices increased or decreased over the last 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mix of job types in an area, or does it depend on just one industry?
These items play a role.
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