What drives property values in South Bay & Palos Verdes to move up and down?
Over time, the value of a home will fluctuate up and down.
Over a long enough period of time, home values , in most cases, go up.
But, of course, in real estate there are no "sure things".
When your house appreciates you have a more valuable asset to borrow against, and you'll make a better profit when you sell.
Property values in South Bay & Palos Verdes change for different reasons, so how will you be sure what you're purchasing today won't depreciate the day after you close?
The most important aspect to consider is that you pick an agent in South Bay & Palos Verdes who understands the factors that affect local prices.
A lot of people guess that the economy is the most crucial factor affecting real estate appreciation.
It goes without saying that
there are many issues on a national level that alter your property's value: unemployment, interest rates, the stock market, and more.
However, your home's value and the components that play the biggest role in its appreciation are specific to the local South Bay & Palos Verdes economy and housing market.
Location in a community - People typically want homes in the areas with the most useful features, such as our jobs and schools.
So these areas often appreciate, or retain their value, best.
Recent sales - Your real estate agent should provide you with reports on the recent home sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices gone up or down over the last 5-10 years? Is the community thought to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good blend of work in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
All these play a part.
Knowing the factors that affect your home's financial worth is important.
Get an estimation of your property's value here
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