Understanding Austin property appreciation
Home prices are constantly moving up and down. Over a long enough period of time, property values , for the most part, go up. But there are no guarantees in real estate.
When your property appreciates you have more equity to borrow against, and you'll create a greater profit when you sell. Property values in Austin vary for numerous reasons, so how will you know what you're purchasing right now won't depreciate the day after you close? Choosing a real estate agent in Austin who understands the factors that influence local prices is the most important part.
Many assume that the economy is the number one factor affecting real estate appreciation. Obviously, there are a lot of factors on a national level that impact your house's value: unemployment, mortgage rates, business growth, and more. But the most important issues that figure your property's value depend on the local Austin economy and residential market.
Location in a community - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values. So when it comes to retaining their value, these communities consistently appreciate the best.
Recent sales - Your REALTOR® should give you facts and figures on the recent home sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area considered desirable because of its location or affordability? Have house prices gone up or down over the last 5-10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice mixture of job types in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing? These items play a role.
Learning the factors that impact your home's value is important. Visit this link
for an estimation of your house's value. Call me at (512) 422-8088 or e-mail me
if you have any questions at all. I'd love to hear from you.