Over time, the value of a property will go up and down.
For the most part, house values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you'll generate a higher profit when you sell.
There are various reasons why property values in Davie shift. So, how do you know what you're purchasing today will appreciate over time?
It's imperative that you pick an agent in Davie who can identify the factors that drive local prices.
The economy is assumed to be the most critical factor affecting real estate appreciation.
there are a handful of factors on a national level that change your property's value: unemployment, interest rates, the stock market, and more.
However, your home's value and the features that play the biggest role in its appreciation are specific to the local Davie economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a huge influence on many home buyers' choices.
So when it comes to keeping their value, these communities typically appreciate the best.
The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking price? A lot of data can be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the area considered desirable because of its location or affordability? Have home prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good blend of business in an area, or does it depend on just one industry?
These items play a role.