Fluctuating home prices in Tallahassee, Florida: What causes this?
Over time, the value of a home will go up and down. House values appreciate in the long term in most cases. But, of course, in real estate there are no guarantees.
When your home appreciates you have a more valuable asset to borrow against, and you get a greater profit when you sell. Property values in Tallahassee vary for numerous reasons, so how do you know what you're investing in right now won't depreciate the day after you close? The most important element is that you select a real estate agent in Tallahassee who knows the factors that drive local prices.
Many assume that the economy is the most critical factor impacting real estate appreciation. Obviously, mortgage rates, employment, business growth, government programs and some other national determinants have a measurable influence on your house's worth. However, your property's value and the things that play the most significant role in its appreciation are particular to the local Tallahassee economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values. So these areas consistently appreciate, or retain their value consistently, year to year.
Recent home sales - You should receive reports on the recent real estate sales in the neighborhoods that you're asking about from your agent. You'll want to know figures like how long a house stays on the market and seller discounts.
The appreciation history - Is the area considered desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
Local economy - Is there a nice mix of job types in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring? All these play a part.
Identifying the factors that play into your home's financial worth is important. Click here
to receive an evaluation of your property's value. Have any questions? Please feel free to call me at 850-559-2178 or e-mail me