Home values are forever in flux.
By and large, house values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll create a larger profit when you sell.
Property values in Orlando fluctuate for a variety of reasons, so how do you know what you're buying right now won't depreciate the day after you close?
Choosing a REALTOR® in Orlando who understands the factors that influence local prices is the most important thing.
What is the greatest factor impacting real estate appreciation? Many think that it's the economy.
interest rates, employment, job growth, government programs and quite a few other national determinants have a noticeable impact on your property's worth.
However, your property's value and the features that play the biggest role in its appreciation are particular to the local Orlando economy and housing market.
Location in a community - Most people want homes in the districts with the best and most convenient places we go often or everyday, like our jobs and schools.
So those areas often appreciate, or keep their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the community considered desirable because of its location or affordability? Have home prices gone up or down over the past 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair blend of work in an area, or does it rely on just one industry?
These items play a part.