What drives property values in Palm Springs to move up and down?
Over time, the worth of a home will fluctuate up and down. Property values appreciate in the long term usually. But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you'll generate a bigger profit when you sell. There are many different reasons why property values in Palm Springs shift. So, how will you be sure what you're buying right now will appreciate over time? Choosing a real estate agent in Palm Springs who understands the factors that influence local prices is the most important element to consider.
Many believe that the economy is the number one factor affecting real estate appreciation. Naturally, there are several issues on a national level that impact your property's value: unemployment, mortgage rates, consumer confidence, and more. But the most significant issues that determine your home's value are particular to the local Palm Springs economy and housing market.
Location in a community - People typically want homes in the areas with the most useful places we go often or everyday, like our schools, jobs, and shopping. So when it comes to holding their value, these regions typically appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should give you figures on the recent real estate sales in the areas 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 property prices gone up or down over the past 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair combination of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing? These items play a part.
Identifying the factors that influence your property's financial worth is important. Visit this link
for an evaluation of your house's value. Call us at (760) 328-3381 or e-mail us
if you have any questions at all. We'd love to hear from you.