The number of improving housing markets across the country rose to 99 in September, up from 80 metros that were listed as improving in August. The index now includes representatives from 33 states as well as the District of Columbia.
What causes home prices to fluctuate?
Over time, the worth of a house will go up and down. Over a long enough period of time, house values normally appreciate. But, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you get a larger profit when you sell. There are various reasons why property values in Longmont change. So, how will you be sure what you’re investing in this year will appreciate over time? The most important part is that you pick a real estate agent in Longmont who can identify the factors that drive local prices.
A lot of people think that the economy is the top factor affecting real estate appreciation. Naturally, mortgage rates, employment, job growth, government programs and numerous other national factors have a noticeable effect on your home’s worth. But the most significant issues that determine your home’s value depend on the local Longmont economy and residential market.
Access to services – Being close to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values. So when it comes to keeping their value, these regions generally appreciate the best.
Recent home sales – You should receive facts and figures on the recent real estate sales in the neighborhoods that you’d like to live in from your REALTOR®. You’ll want to know figures like how long a house stays on the market and seller discounts.
History of appreciation – In the past 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought to be?
Economic factors – Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice combination of job types in an area, or does it rely on just one industry? All these play a part.
Fluctuating home prices: What causes this?
When your property appreciates you have more equity to borrow against, and you’ll create a greater profit when you sell. Property values in the area shift for many different reasons, so how do you know what you’re buying right now won’t depreciate the day after you close? The most important thing is that you select a real estate agent in your area who knows the factors that influence local prices.
Location in a community – Most people want homes in the areas with the easiest access to features, such as our work and schools. So when it comes to retaining their value, these regions often appreciate better than others.
Recent sales – Your real estate agent should provide you with figures on the recent real estate sales in the districts 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 last 5 to 10 years, have home prices increased or decreased? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy – Is there a good blend of job types in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? Each of these items plays a part.