Understanding Annapolis home prices

Real estate prices are constantly moving up and down. Over a long enough period of time, property values generally appreciate. But, of course, in real estate there is always a certain amount of risk.

When your property appreciates you have more equity to borrow against, and you'll create a higher profit when you sell. Property values in Annapolis change for different reasons, so how will you know what you're buying now won't depreciate the day after you close? The most important factor to consider is that you choose an agent in Annapolis who knows the factors that affect local prices.

What is my home worth?

A lot of people assume that the economy is the most influential factor affecting real estate appreciation. Clearly, there are a handful of issues on a national level that alter your house's value: unemployment, interest rates, inflation, and more. However, your property's value and the factors that play the biggest role in its appreciation are specific to the local Annapolis economy and housing market.

Let Berkshire Hathaway Home Services PenFed Realty help you with your first home purchase in Annapolis Location in a community - Proximity to schools, jobs, and amenities also have a major impact on almost all home buyers' decisions. So when it comes to holding their value, these areas often appreciate better than others.

Prior home sales - How long are homes up for sale before closing? What was the final sales amount versus the listing price? A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.

History of appreciation - In the last 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the neighborhood is thought of as?

Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good combination of job types in an area, or does it depend on just one industry? All these play a role.

It's worthwhile to be informed about the factors that affect your house's financial worth. Click here to receive an estimation of your house's value. And if you have any questions, call me at 410-647-8000 ext. 817 or e-mail me .

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