Miami home prices: Need some help understanding why they appreciate?

Home values are constantly moving up and down. Property values appreciate in the long term typically. But, in real estate there are no guarantees.

When your home appreciates you have a bigger asset to borrow against, and you'll generate a greater profit when you sell. Property values in Miami go up and down for various reasons, so how will you be sure what you're purchasing presently won't depreciate the day after you close? Choosing an agent in Miami who can identify the factors that affect local prices is the most important element to consider.

Many think that the economy is the major factor impacting real estate appreciation. Clearly, interest rates, unemployment, job growth, government programs and several other national factors have a noticeable effect on your home's worth. But the most important factors that figure your home's value depend on the local Miami economy and housing market.

Let Delphi Investment Realty help you with your first home purchase in Miami Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values. So when it comes to holding their value, these areas often appreciate the best.

Trends in home sales - What's the time on market? What was the selling price compared to the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.

The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?

Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mixture of business in an area, or does it depend on just one industry? Each of these pieces plays a part.

It's vital to know the factors that play into your house's market price. Click here to get an evaluation of your house's value. Have any questions? Please feel free to call me at (786) 388-0110 or e-mail me.

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Delphi Investment Realty

6303 Blue Lagoon Drive Suite 400
Miami, FL 33126