Property values are continually changing.
Generally, property values appreciate in the long term.
But there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you get a higher profit when you sell.
Property values in Davie move up and down for various reasons, so how do you know what you're investing in today won't depreciate the day after you close?
The most important factor to consider is that you choose an agent in Davie who knows the factors that drive local prices.
The economy is thought to be the number one factor affecting real estate appreciation.
Obviously,
there are some issues on a national level that affect your property's value: unemployment, mortgage rates, inflation, and more.
But the most important factors that figure your house's value are specific to the local Davie economy and housing market.
Access to services - Proximity to schools and work also have a huge impact on almost all home buyers' choices.
So those regions generally appreciate, or keep their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have house prices gone up or down over the past 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good blend of work in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing?
Each of these pieces plays a role.