Understanding Lake Wales home prices
Over time, the worth of a piece of real estate will go up and down. For the most part, house values appreciate in the long term. But, of course, in real estate there are no guarantees.
When your house appreciates you have more equity to borrow against, and you'll see a larger profit when you sell. There are various reasons why property values in Lake Wales shift. So, how will you know what you're purchasing today will appreciate over time? The most important thing to consider is that you choose a real estate agent in Lake Wales who is familiar with the factors that drive local prices.
The economy is thought to be the greatest factor affecting real estate appreciation. Clearly, mortgage rates, employment, job growth, government programs and a lot of other national factors have a noticeable impact on your home's worth. However, your home's value and the elements that play the biggest role in its appreciation are particular to the local Lake Wales economy and housing market.
Location in a community - Many of us choose to live in areas with the most conducive features for households to grow, such as a close proximity to schools, jobs, and work. So when it comes to holding their value, these areas consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should provide you with information on the recent home sales in the districts 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 neighborhood believed to be desirable because of its location or affordability? Have property prices risen or declined over the last 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair blend of job types in an area, or does it count on just one industry? Is the blend of commercial and residential development changing? These items play a role.
Knowing the factors that affect your home's value is important. Get an estimation of your property's value here
. Have any questions? Please feel free to call us at (863) 676-0200 or e-mail us