Over time, the value of a house will go up and down.
Home values appreciate in the long term in most cases.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a greater asset to borrow against, and you get a better profit when you sell.
But how do you know what you're investing in now will appreciate over time? Property values in Fort Myers waver for many different reasons.
The most important factor to consider is that you go with an agent in Fort Myers who understands the factors that influence local prices.
A lot of people assume that the economy is the most important factor impacting real estate appreciation.
interest rates, unemployment, job growth, government programs and many other national factors have a noticeable influence on your property's value.
But the most significant issues that determine your house's value are particular to the local Fort Myers economy and housing market.
Access to services - Proximity to schools and jobs also have a huge influence on all home buyers' choices.
So when it comes to keeping their value, these areas typically appreciate better than others.
Real estate sales trends - How long do homes typically stay up for sale before closing? What was the final sales amount versus the asking price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the area is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair blend of job types in an area, or does it rely upon just one industry?
Each of these pieces plays a part.