Sun Valley home prices: Need some help understanding why they appreciate?
Over time, the worth of a house will fluctuate up and down. Over a long enough period of time, house values almost always go up. But there is always a certain amount of risk in real estate.
When your house appreciates you have a larger asset to borrow against, and you make a larger profit when you sell. There are numerous reasons why property values in Sun Valley waver. So, how can you be sure what you're purchasing today will appreciate over time? Choosing a real estate agent in Sun Valley who can identify the factors that affect local prices is the most important thing.
Many assume that the economy is the number one factor impacting real estate appreciation. After all, interest rates, unemployment, business growth, government programs and some other national determinants have a measurable effect on your house's worth. But the most important issues that figure your property's value are specific to the local Sun Valley economy and residential market.
Access to services - Many of us wish to live in districts with the most accommodating characteristics for households to succeed, such as a close proximity to jobs and schools. So these communities often appreciate, or hold their value, best.
Recent sales - Your agent should give you stats on the recent home sales in the areas 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 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mixture of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing? These items play a part.
It's important to learn about the factors that affect your house's value. Visit this link
for an assessment of your house's value. And if you have any questions, call me at (818) 402-9015 or e-mail me