What drives property values in Longwood to move up and down?Property prices are forever in flux. Over a long enough period of time, property values typically appreciate. But there are no guarantees in real estate.
When your house appreciates you have a bigger asset to borrow against, and you'll generate a higher profit when you sell. Property values in Longwood vary for a variety of reasons, so how will you be sure what you're purchasing right now won't depreciate the day after you close? Choosing an agent in Longwood who is familiar with the factors that influence local prices is the most important aspect to consider.
A lot of people guess that the economy is the number one factor impacting real estate appreciation. It goes without saying that mortgage rates, employment, job growth, government programs and some other national factors have a noticeable impact on your home's value. But the most important issues that determine your home's value depend on the local Longwood economy and housing market.
Location in a community - People typically want homes in the districts with the best and most convenient places we go often or everyday, such as our schools and jobs. So when it comes to holding their value, these regions consistently appreciate much more reliably than areas lacking key features.
Recent home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the listing price? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices increased or decreased over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair combination of jobs in an area, or does it rely upon just one industry? Each of these factors plays a part.
|Knowing the factors that play into your house's market price is important. Get an evaluation of your home's value here. Please call us at 407-774-9858 or e-mail us with any questions.|