Royal Palm Beach home prices: Need some help understanding why they appreciate?
Over time, the value of a home will go up and down.
By and large, home values appreciate in the long term.
But there are no "sure things" in real estate, of course.
When your property appreciates you have a greater asset to borrow against, and you'll create a bigger profit when you sell.
Property values in Royal Palm Beach rise and fall for numerous reasons, so how do you know what you're purchasing this year won't depreciate the day after you close?
Choosing a REALTOR® in Royal Palm Beach who recognizes the factors that affect local prices is the most important aspect.
Many believe that the economy is the most crucial factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and some other national factors are known to change your property's worth.
But the most important issues that determine your property's value are particular to the local Royal Palm Beach economy and residential market.
Access to services - People typically want homes in the regions with the best and most convenient features, such as our schools and work.
So those areas usually appreciate, or keep their value, best.
Recent home sales - You should receive statistics on the recent real estate sales in the regions that you're interested in from your real estate agent. You'll need to know data like time on market and listing price as opposed to selling price.
Appreciation history - Have home prices gone up or down over the last 5-10 years? Is the community 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 fair mix of business in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing?
Each of these things plays a role.
Recognizing the factors that influence your property's value is important.
Get an assessment of your property's value here.
Have any questions? Please feel free to call me at (561) 656-1274 or e-mail me.