What drives property values in Delray Beach to move up and down?
Home prices are continually changing. Normally, house values appreciate in the long term. But there are no "sure things" in real estate, of course.
When your house appreciates you have a more valuable asset to borrow against, and you get a higher profit when you sell. There is a variety of reasons why property values in Delray Beach fluctuate. So, how will you be sure what you're buying today will appreciate over time? Choosing a REALTOR® in Delray Beach who recognizes the factors that affect local prices is the most important aspect to consider.
A lot of people assume that the economy is the most important factor impacting real estate appreciation. Naturally, there are a handful of issues on a national level that influence your property's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most influential issues that determine your home's value are particular to the local Delray Beach economy and housing market.
Access to services - People typically want homes in the districts with the easiest access to places we go often or everyday, like our schools, jobs, and shopping. So when it comes to holding their value, these areas often appreciate the best.
The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much? A lot of data 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 house prices risen or declined over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair mixture of jobs in an area, or does it depend on just one industry? All these play a role.