Understanding Annapolis property appreciation
Home values are continually changing.
By and large, home values appreciate in the long term.
But there is always a certain amount of risk in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll generate a greater profit when you sell.
But how can you be sure what you're buying this year will appreciate over time? Property values in Annapolis shift for different reasons.
Choosing a REALTOR® in Annapolis who recognizes the factors that drive local prices is the most important factor to consider.
The economy is believed to be the most influential factor impacting real estate appreciation.
It goes without saying that
there are a lot of factors on a national level that affect your property's value: unemployment, mortgage rates, business growth, and more.
However, your home's value and the elements that play the biggest role in its appreciation are particular to the local Annapolis economy and housing market.
Access to services - Proximity to jobs and schools also have a major effect on most home buyers' decisions.
So these regions usually appreciate, or retain their value, best.
The latest home sales - How quickly are houses selling? What was the selling price versus the asking price? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the community is thought of as?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mix of work in an area, or does it depend on just one industry?
Each of these items plays a role.
Learning the factors that impact your property's worth is important.
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here to get an estimation 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.