Understanding Orlando property appreciation
Home prices are continually changing. Property values appreciate in the long term by and large. But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you'll generate a bigger profit when you sell. But how do you know what you're investing in now will appreciate over time? Property values in Orlando vary for various reasons. It's imperative that you go with a REALTOR® in Orlando who knows the factors that affect local prices.
A lot of people think that the economy is the top factor affecting real estate appreciation. Obviously, mortgage rates, unemployment, business growth, government programs and numerous other national determinants have a noticeable influence on your home's value. But the most important things that figure your property's value depend on the local Orlando economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values. So those communities generally appreciate, or keep their value, best.
Real estate sales trends - What's the time on market? What was the selling price versus the listing price? Some information can be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
History of appreciation - In the last 5-10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
Local economy - Is there a fair combination of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring? Each of these elements plays a role.
Recognizing the factors that play into your home's worth is important. Get an assessment of your property's value here. Please call me at 407-592-3943 or e-mail me with any questions.