Property prices are forever in flux.
Over a long enough period of time, home values , in most cases, appreciate.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have more equity to borrow against, and you'll realize a better profit when you sell.
There are various reasons why property values in Tavernier go up and down. So, how will you be sure what you're purchasing today will appreciate over time?
Choosing a real estate agent in Tavernier who understands the factors that affect local prices is the most important part.
The economy is assumed to be the most important factor affecting real estate appreciation.
there are a lot of factors on a national level that adjust your property's value: unemployment, mortgage rates, inflation, and more.
However, your property's value and the elements that play the biggest role in its appreciation are specific to the local Tavernier economy and housing market.
Location in a community - Many of us prefer to live in areas with the most convenient factors for families to grow, such as a close proximity to schools and work.
So those communities generally appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should give you figures on the recent real estate 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 increased or decreased over the last 5-10 years? Is the area thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair combination of business in an area, or does it rely on just one industry?
All these play a part.