What drives property values in Delray Beach to move up and down?
Over time, the value of a piece of real estate will go up and down. Almost always, property values appreciate in the long term. But, of course, there are no "sure things" in real estate.
When your house appreciates you have more equity to borrow against, and you get a bigger profit when you sell. There is a variety of reasons why property values in Delray Beach move up and down. So, how will you be sure what you're purchasing presently will appreciate over time? It's critical that you go with a REALTOR® in Delray Beach who understands the factors that drive local prices.
A lot of people are convinced that the economy is the biggest factor affecting real estate appreciation. After all, there are a handful of issues on a national level that impact your house's value: unemployment, interest rates, the stock market, and more. But the most influential issues that determine your house's value are specific to the local Delray Beach economy and residential market.
Location in a community - Proximity to schools and jobs also have a significant effect on many home buyers' decisions. So when it comes to keeping their value, these communities typically appreciate the best.
The latest home sales - You should receive information on the recent real estate sales in the regions that you're interested in from your agent. You'll need to analyze things like time on market and asking price versus selling price.
History of appreciation - In the past 5-10 years, have home prices risen or declined? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy - Is there a good mixture of job types in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring? These items play a part.