What causes Artesia home prices to fluctuate?
Over time, the worth of a home will fluctuate up and down. Over a long enough period of time, home values typically appreciate. But, in real estate there are no guarantees.
When your property appreciates you have a more valuable asset to borrow against, and you'll see a higher profit when you sell. Property values in Artesia waver for numerous reasons, so how do you know what you're investing in today won't depreciate the day after you close? The most important thing to consider is that you pick a real estate agent in Artesia who is familiar with the factors that influence local prices.
A lot of people assume that the economy is the biggest factor affecting real estate appreciation. Naturally, there are a lot of issues on a national level that alter your property's value: unemployment, mortgage rates, quarterly earnings reports, and more. However, your property's value and the features that play the most significant role in its appreciation depend on the local Artesia economy and housing market.
Location in a community - People typically want homes in the districts with the most convenient amenities, such as our work and schools. So these regions typically appreciate, or keep their value consistently, year to year.
Recent sales - Your agent should give you figures on the recent home sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the past 5-10 years? Is the neighborhood believed to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good blend of work in an area, or does it rely on just one industry? All these play a role.
Recognizing the factors that play into your property's worth is important. Get an estimation of your house's value here
. Have any questions? Please feel free to call me at (562) 618-1400 or e-mail me