Real estate prices are forever in flux.
Over a long enough period of time, property values almost always go up.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a greater asset to borrow against, and you get a higher profit when you sell.
There are different reasons why property values in West Palm Beach waver. So, how will you be sure what you're purchasing right now will appreciate over time?
The most important element to consider is that you pick a real estate agent in West Palm Beach who can identify the factors that influence local prices.
What is the number one factor impacting real estate appreciation? Many assume that it's the economy.
mortgage rates, employment, business growth, government programs and several other national factors have a noticeable influence on your property's worth.
But the most significant issues that determine your home's value are specific to the local West Palm Beach economy and housing market.
Access to services - People typically want homes in the regions with the most useful amenities, such as our schools, jobs, and shopping.
So these regions usually appreciate, or keep their value, best.
Real estate sales trends - How long are homes on the market? What was the final sales amount compared to the asking price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the neighborhood considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice blend of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
Each of these pieces plays a role.