Fluctuating home prices in Annapolis, Maryland: What causes this?

Real estate prices are forever in flux. Almost always, property values appreciate in the long term. But, of course, there is always a certain amount of risk in real estate.

When your house appreciates you have more equity to borrow against, and you'll produce a greater profit when you sell. But how will you know what you're investing in this year will appreciate over time? Property values in Annapolis go up and down for a variety of reasons. Choosing an agent in Annapolis who can identify the factors that influence local prices is the most important factor to consider.

Find My Home's Value

Many believe that the economy is the major factor impacting real estate appreciation. After all, interest rates, employment, business growth, government programs and numerous other national factors have a noticeable effect on your property's value. But the most important things that determine your property's value are particular to the local Annapolis economy and residential market.

Let Berkshire Hathaway Home Services PenFed Realty help you with your first home purchase in Annapolis Access to services - Many of us choose to live in areas with the best and most convenient amenities for homes to succeed, like a close proximity to schools and work. So when it comes to keeping their value, these communities typically appreciate the best.

Recent home sales - You should receive data on the recent real estate sales in the neighborhoods that you'd like to live in from your real estate agent. You'll want to analyze figures like how long a house stays on the market and seller discounts.

The appreciation history - Is the community thought of as desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?

Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mix of jobs in an area, or does it rely on just one industry? All these play a part.

It's wise to understand the factors that impact your house's value. Visit this link for an evaluation of your house's value. Call me at 410-647-8000 ext. 817 or e-mail me if you have any questions at all. I'd love to hear from you.

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