Over time, the worth of a home will go up and down.
By and large, home values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you make a bigger profit when you sell.
There is a variety of reasons why property values in Fort Myers fluctuate. So, how will you know what you're purchasing today will appreciate over time?
The most important aspect to consider is that you choose a real estate agent in Fort Myers who knows the factors that drive local prices.
What is the most important factor impacting real estate appreciation? Many think that it's the economy.
It goes without saying that
interest rates, unemployment, business growth, government programs and some other national determinants have a definite effect on your house's worth.
But the most important issues that decide your home's value are specific to the local Fort Myers economy and housing market.
Access to services - Proximity to work and schools also have a major influence on almost all home buyers' decisions.
So when it comes to holding their value, these areas often appreciate the best.
The latest home sales - You should receive statistics on the recent real estate sales in the areas that you're interested in from your real estate agent. You'll want to analyze figures like time on market and listing price as opposed to selling price.
History of appreciation - In the last 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the area is thought to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair combination of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
All these play a role.
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