Over time, the value of a piece of real estate will go up and down.
Over a long enough period of time, home values typically go up.
But there are no "sure things" in real estate, of course.
When your home appreciates you have a bigger asset to borrow against, and you'll create a bigger profit when you sell.
There are numerous reasons why property values in Seminole waver. So, how can you be sure what you're investing in today will appreciate over time?
It's important that you pick a REALTOR® in Seminole who knows the factors that affect local prices.
A lot of people are convinced that the economy is the most influential factor impacting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and many other national factors have a definite effect on your home's value.
However, your home's value and the components that play the biggest role in its appreciation are specific to the local Seminole economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So these areas consistently appreciate, or carry their value, best.
The latest 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 access to the local MLS will often provide a more complete picture.
The appreciation history - Is the area considered desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mixture of job types in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
Each of these elements plays a part.