Glendale home prices: Need some help understanding why they appreciate?
Over time, the worth of a property will go up and down. In most cases, house values appreciate in the long term. But, in real estate there are no guarantees.
When your home appreciates you have more resources to borrow against, and you'll realize a larger profit when you sell. Property values in Glendale go up and down for different reasons, so how do you know what you're investing in now won't depreciate the day after you close? Choosing a real estate agent in Glendale who is familiar with the factors that influence local prices is the most important factor.
What is the major factor affecting real estate appreciation? Many guess that it's the economy. Clearly, there are quite a few issues on a national level that influence your property's value: unemployment, interest rates, inflation, and more. But the most significant issues that figure your home's value are particular to the local Glendale economy and residential market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many us and will greatly influence home values.
So these communities typically appreciate, or hold their value, best.
Recent sales - Your agent should provide you with stats on the recent home sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have home prices gone up or down over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good combination of job types in an area, or does it rely upon just one industry? All these play a role.