What drives property values on the Monterey Peninsula and Salinas to move up and down?Over time, the worth of a property will go up and down. Property values appreciate in the long term normally. But, of course, there are no "sure things" in real estate.
When your property appreciates you have more equity to borrow against, and you'll generate a larger profit when you sell. Property values in Monterey and Salinas waver for a variety of reasons, so how will you be sure what you're investing in now won't depreciate the day after you close? The most important aspect is that you choose a REALTOR® in Monterey and Salinas who can identify the factors that drive local prices.
Many guess that the economy is the number one factor affecting real estate appreciation. Clearly, interest rates, unemployment, business growth, government programs and a handful of other national factors have a measurable impact on your house's worth. But the most influential issues that figure your home's value are specific to the local Monterey and Salinas economy and residential market.
Location in a community - Many consumers prefer to live in regions with the best and most convenient features for families to thrive, like a close proximity to schools and work. So when it comes to holding their value, these areas generally appreciate better than others.
Recent sales - Your real estate agent should provide you with figures on the recent real estate sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is thought of as?
Local economy - Is there a fair combination of job types in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local companies hiring? All these play a role.
|It's smart to understand the factors that influence your house's worth. Click here to get an assessment of your property's value. Please call me at 8314842400 or e-mail me with any questions.|