Property prices are continually changing. Over a long enough period of time, home values generally appreciate. But there are no "sure things" in real estate, of course.
When your home appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell. Property values in Sarasota waver for a variety of reasons, so how can you be sure what you're buying this year won't depreciate the day after you close? It's imperative that you choose a REALTOR® in Sarasota who understands the factors that affect local prices.
What is the most influential factor affecting real estate appreciation? Many guess that it's the economy. It goes without saying that mortgage rates, employment, business growth, government programs and numerous other national factors have a noticeable influence on your property's value. But the most influential things that figure your property's value are specific to the local Sarasota economy and housing market.
Location in a community - Proximity to jobs and schools also have a huge influence on many home buyers' choices. So when it comes to holding their value, these areas generally appreciate better than others.
Recent home sales - What's the time on market? Are sellers having to discount much or offer concessions A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is thought of as?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mix of jobs in an area, or does it rely on just one industry? Each of these factors plays a part.
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