What drives property values in St Augustine to move up and down?
Over time, the worth of a house will go up and down.
Over a long enough period of time, house values normally appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll create a greater profit when you sell.
There is a variety of reasons why property values in St Augustine change. So, how can you be sure what you're purchasing this year will appreciate over time?
It's imperative that you pick a real estate agent in St Augustine who can identify the factors that influence local prices.
Many believe that the economy is the number one factor impacting real estate appreciation.
It goes without saying that
mortgage rates, employment, job growth, government programs and many other national determinants have a noticeable impact on your house's worth.
But the most important factors that decide your home's value depend on the local St Augustine economy and residential market.
Access to services - Proximity to work and schools also have a great impact on almost all home buyers' decisions.
So these regions often appreciate, or hold their value, best.
The latest home sales - You should receive stats on the recent real estate sales in the neighborhoods that you're asking about from your agent. You'll want to learn data like how long a house stays on the market and listing price versus selling price.
Appreciation history - Have house prices gone up or down over the last 5 to 10 years? Is the neighborhood thought to be 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 nice mix of work in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing?
These items play a part.
Identifying the factors that affect your home's financial worth is important.
Get an evaluation of your property's value here
Have any questions? Please feel free to call me at (904) 501-9331 or e-mail me