What drives property values in Orlando to move up and down?Property prices are constantly moving up and down. Over a long enough period of time, house values typically appreciate. But, in real estate there is always a certain amount of risk.
When your home appreciates you have more resources to borrow against, and you make a better profit when you sell. There are many different reasons why property values in Orlando go up and down. So, how will you be sure what you're investing in today will appreciate over time? It's critical that you choose a REALTOR® in Orlando who can identify the factors that affect local prices.
Many guess that the economy is the top factor affecting real estate appreciation. Naturally, interest rates, unemployment, business growth, government programs and many other national factors are known to affect your home's value. However, your home's value and the elements that play the biggest role in its appreciation are particular to the local Orlando economy and housing market.
Access to services - Many home buyers prefer to live in areas with the most conducive factors for homes to grow, like a close proximity to schools, jobs, and work. So those areas consistently appreciate, or carry their value consistently, year to year.
Recent home sales - You should receive stats on the recent real estate sales in the districts that you'd like to live in from your agent. You'll want to know things like time on market and seller discounts.
Appreciation history - Have home prices risen or declined over the last 5 to 10 years? Is the area considered desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice combination of business in an area, or does it count on just one industry? All these play a role.
|It's smart to understand the factors that play into your home's market price. Click here to get an assessment of your home's value. Please call me at 407-325-1223 or e-mail me with any questions.|