Real estate prices are continually changing.
Over a long enough period of time, home values typically go up.
But, of course, in real estate there are no guarantees.
When your property appreciates you have a more valuable asset to borrow against, and you'll create a better profit when you sell.
There is a variety of reasons why property values in Fort Myers go up and down. So, how can you be sure what you're purchasing now will appreciate over time?
It's imperative that you pick a REALTOR® in Fort Myers who recognizes the factors that influence local prices.
The economy is assumed to be the most critical factor impacting real estate appreciation.
interest rates, employment, job growth, government programs and a handful of other national factors have a measurable impact on your home's worth.
However, your house's value and the aspects that play the biggest role in its appreciation are specific to the local Fort Myers economy and housing market.
Location in a community - Most people want homes in the districts with the most accommodating features, such as our schools, jobs, and shopping.
So these communities consistently appreciate, or retain their value consistently, year to year.
Recent sales - Your real estate agent should provide you with facts and figures on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the last 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
Local economy - Is there a good mix of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a role.