Over time, the value of a property will go up and down.
For the most part, property values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a bigger asset to borrow against, and you make a larger profit when you sell.
But how do you know what you're buying right now will appreciate over time? Property values in Palm Beach Gardens move up and down for various reasons.
Choosing a REALTOR® in Palm Beach Gardens who knows the factors that drive local prices is the most important thing.
The economy is believed to be the major factor impacting real estate appreciation.
mortgage rates, employment, job growth, government programs and a handful of other national factors have a definite impact on your home's worth.
But the most important issues that determine your property's value are particular to the local Palm Beach Gardens economy and housing market.
Access to services - Most people want homes in the areas with the most useful amenities, like our work and schools.
So those regions generally appreciate, or keep their value, best.
Recent home sales - You should receive stats on the recent real estate sales in the areas that you're interested in from your agent. You'll want to learn things like how long a house stays on the market and seller discounts.
History of appreciation - In the last 5-10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is believed to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair combination of work in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
These items play a part.