Home values are forever in flux.
Over a long enough period of time, home values , in most cases, go up.
But, in real estate there are no guarantees.
When your property appreciates you have a more valuable asset to borrow against, and you make a larger profit when you sell.
Property values in West Palm Beach go up and down for various reasons, so how will you be sure what you're purchasing presently won't depreciate the day after you close?
Choosing an agent in West Palm Beach who can identify the factors that influence local prices is the most important element to consider.
Many believe that the economy is the top factor impacting real estate appreciation.
It goes without saying that
there are many factors on a national level that influence your property's value: unemployment, mortgage rates, the stock market, and more.
However, your property's value and the factors that play the most significant role in its appreciation depend on the local West Palm Beach economy and housing market.
Location in a community - Many consumers choose to live in regions with the most conducive factors for households to thrive, like a close proximity to jobs and schools.
So these communities usually appreciate, or carry their value, best.
Recent home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the listing price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have property prices gone up or down over the last 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good combination of work in an area, or does it rely on just one industry?
All these play a part.