Home prices are continually changing.
Home values appreciate in the long term usually.
But, in real estate there are no "sure things".
When your property appreciates you have a greater asset to borrow against, and you'll produce a higher profit when you sell.
There are different reasons why property values in Fort Myers vary. So, how will you know what you're buying now will appreciate over time?
It's critical that you choose a REALTOR® in Fort Myers who understands the factors that drive local prices.
A lot of people assume that the economy is the biggest factor impacting real estate appreciation.
there are a handful of factors on a national level that adjust your home's value: unemployment, mortgage rates, business growth, and more.
However, your property's value and the factors that play the most significant role in its appreciation are specific to the local Fort Myers economy and housing market.
Location in a community - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So those communities often appreciate, or keep their value consistently, year to year.
Prior home sales - What's the time on market? Are sellers needing to discount much or offer concessions Some information can be obtained from public records, but a good agent with access to the local MLS will often provide a more complete picture.
Appreciation history - Have home prices increased or decreased over the past 5 to 10 years? Is the area thought of as 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 mixture of business in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
These items play a role.