Understanding Delray Beach home prices
Property prices are continually changing. Usually, property values appreciate in the long term. But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll produce a better profit when you sell. Property values in Delray Beach vary for various reasons, so how will you be sure what you're purchasing today won't depreciate the day after you close? The most important element to consider is that you choose an agent in Delray Beach who is familiar with the factors that drive local prices.
What is the number one factor affecting real estate appreciation? Many are convinced that it's the economy. Clearly, interest rates, unemployment, business growth, government programs and numerous other national determinants have a measurable impact on your home's value. But the most important factors that figure your property's value are particular to the local Delray Beach economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values. So these areas often appreciate, or keep their value, best.
Recent sales - Your agent should give you information on the recent real estate sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices risen or declined over the past 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good blend of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing? Each of these factors plays a part.