Fluctuating home prices in Metro Phoenix, Arizona: What causes this?
Over time, the worth of a home will fluctuate up and down.
Generally, property values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a greater asset to borrow against, and you'll make a higher profit when you sell.
But how do you know what you're investing in today will appreciate over time? Property values in Glendale shift for various reasons.
It's important that you pick a REALTOR® in Glendale who can identify the factors that influence local prices.
The economy is assumed to be the biggest factor impacting real estate appreciation.
there are some issues on a national level that alter your house's value: unemployment, interest rates, the stock market, and more.
However, your house's value and the factors that play the most significant role in its appreciation are specific to the local Peoria, Glendale, Phoenix, Scottsdale, Surprise, AZ economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many us and will greatly influence home values.
So when it comes to holding their value, these regions generally appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should provide you with information on the recent real estate sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices increased or decreased over the past 5 to 10 years? Is the neighborhood thought to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair combination of business in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
These items play a role.
It's smart to know the factors that play into your home's price.
Visit this link for an evaluation of your property's value.
Please call me at 6232295030 or e-mail me with any questions.