Over time, the worth of a house will go up and down.
Over a long enough period of time, house values , by and large, appreciate.
But, of course, in real estate there are no "sure things".
When your house appreciates you have more equity to borrow against, and you'll produce a higher profit when you sell.
But how do you know what you're purchasing this year will appreciate over time? Property values in South Bay & Palos Verdes waver for a variety of reasons.
The most important aspect is that you go with a REALTOR® in South Bay & Palos Verdes who can identify the factors that influence local prices.
A lot of people are convinced that the economy is the most critical factor affecting real estate appreciation.
After all,
there are quite a few factors on a national level that adjust your home's value: unemployment, interest rates, inflation, and more.
But the most influential issues that decide your house's value are particular to the local South Bay & Palos Verdes economy and housing market.
Location in a community - Most people want homes in the regions with the easiest access to amenities, such as our schools, jobs, and shopping.
So these communities typically appreciate, or carry their value, best.
The latest home sales - You should receive data on the recent real estate sales in the regions that you're asking about from your agent. You'll need to know data like time on market and listing price as opposed to selling price.
History of appreciation - In the last 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the area is thought to be?
Local economy - Is there a fair blend of work in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a role.