Understanding Delray Beach property appreciation
Over time, the value of a house will fluctuate up and down. Over a long enough period of time, property values typically appreciate. But, in real estate there is always a certain amount of risk.
When your home appreciates you have more resources to borrow against, and you make a larger profit when you sell. But how will you be sure what you're purchasing this year will appreciate over time? Property values in Delray Beach waver for many different reasons. The most important element to consider is that you choose a REALTOR® in Delray Beach who is familiar with the factors that influence local prices.
Many guess that the economy is the major factor impacting real estate appreciation. Obviously, interest rates, employment, business growth, government programs and a handful of other national factors have a definite impact on your home's value. However, your property's value and the elements that play the most significant role in its appreciation are particular to the local Delray Beach economy and housing market.
Location in a community - Proximity to schools and work also have a great effect on almost all home buyers' decisions. So those areas generally appreciate, or hold their value, best.
Recent sales - Your agent should provide you with statistics on the recent real estate sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the last 5-10 years? Is the community believed to be desirable because of its location or affordability?
Local economy - Is there a fair blend of work in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? These items play a part.