Over time, the value of a piece of real estate will fluctuate up and down.
Normally, property values appreciate in the long term.
But there are no guarantees in real estate.
When your property appreciates you have a bigger asset to borrow against, and you'll generate a greater profit when you sell.
Property values in Davie shift for numerous reasons, so how do you know what you're buying now won't depreciate the day after you close?
The most important thing is that you go with an agent in Davie who knows the factors that affect local prices.
A lot of people are convinced that the economy is the top factor affecting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and many other national factors have a measurable effect on your house's worth.
However, your home's value and the components that play the most significant role in its appreciation are particular to the local Davie economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values.
So these communities typically appreciate, or retain their value, best.
Recent sales - Your REALTOR® should provide you with figures on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have home prices increased or decreased? Does location or affordability affect how desirable the community is thought of as?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mixture of job types in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
Each of these things plays a role.