Understanding property appreciation in Phoenix
Home prices are forever in flux.
Generally, property values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your property appreciates you have a greater asset to borrow against, and you'll make a better profit when you sell.
There is a variety of reasons why property values in Phoenix rise and fall. So, how will you know what you're purchasing this year will appreciate over time?
It's critical that you select an agent in Phoenix who is familiar with the factors that affect local prices.
The economy is believed to be the most important factor affecting real estate appreciation.
there are quite a few issues on a national level that alter your property's value: unemployment, mortgage rates, the stock market, and more.
However, your property's value and the aspects that play the biggest role in its appreciation depend on the local Phoenix economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many families and will greatly influence home values.
So these areas consistently appreciate, or retain their value, best.
The latest home sales - You should receive facts and figures on the recent real estate sales in the areas that you'd like to live in from your real estate agent. You'll want to analyze things like time on market and listing price as opposed to selling price.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mix of work in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
All these play a part.
It's smart to understand the factors that impact your house's financial worth.
to receive an estimation of your house's value.
Call me at (602) 369-1085 or e-mail me
if you have any questions at all. I'd love to hear from you.