Over time, the worth of a home will fluctuate up and down. Over a long enough period of time, property values typically go up. But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have more resources to borrow against, and you'll make a higher profit when you sell. But how can you be sure what you're buying right now will appreciate over time? Property values in San Diego waver for many different reasons. Choosing a REALTOR® in San Diego who is familiar with the factors that drive local prices is the most important aspect.
A lot of people believe that the economy is the top factor impacting real estate appreciation. It goes without saying that interest rates, unemployment, job growth, government programs and numerous other national determinants have a definite influence on your house's value. But the most important things that decide your house's value are particular to the local San Diego economy and housing market.
Access to services - Proximity to work and schools also have a major impact on most home buyers' decisions. So when it comes to holding their value, these regions generally appreciate the best.
Recent sales - Your REALTOR® should provide you with facts and figures on the recent home sales in the regions 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 neighborhood considered desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair mixture of business in an area, or does it rely on just one industry? Each of these things plays a role.
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