What drives property values in Annapolis to move up and down?
Home values are constantly moving up and down.
Over a long enough period of time, property values , for the most part, go up.
But, in real estate there are no "sure things".
When your home appreciates you have more resources to borrow against, and you get a greater profit when you sell.
Property values in Annapolis change for numerous reasons, so how do you know what you're investing in now won't depreciate the day after you close?
Choosing a REALTOR® in Annapolis who recognizes the factors that drive local prices is the most important thing to consider.
The economy is believed to be the most critical factor affecting real estate appreciation.
Naturally,
there are a lot of factors on a national level that impact your house's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most influential issues that figure your property's value are particular to the local Annapolis economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many families and will greatly influence home values.
So when it comes to retaining their value, these communities often appreciate the best.
The latest home sales - You should receive stats on the recent real estate sales in the areas that you're asking about from your agent. You'll need to know data like how long a house stays on the market and seller discounts.
Appreciation history - Have home prices increased or decreased over the last 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good combination of work in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing?
All these play a part.
Identifying the factors that impact your property's value is important.
Visit
this link for an evaluation of your property's value.
Please call me at 410-647-8000 ext. 817 or
e-mail me with any questions.