What causes Sarasota home prices to fluctuate?
Over time, the value of a piece of real estate will go up and down.
In most cases, house values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a greater profit when you sell.
Property values in Sarasota vary for many different reasons, so how can you be sure what you're purchasing presently won't depreciate the day after you close?
It's important that you select an agent in Sarasota who knows the factors that affect local prices.
The economy is believed to be the number one factor impacting real estate appreciation.
interest rates, employment, job growth, government programs and several other national factors have a definite impact on your home's worth.
But the most important things that decide your house's value are specific to the local Sarasota economy and residential market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So when it comes to holding their value, these communities usually appreciate better than others.
Recent home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have property prices increased or decreased over the last 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mix of work in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
Each of these pieces plays a part.
Knowing the factors that influence your property's worth is important.
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for an estimation of your property's value.
And if you have any questions, call me at 941-929-9090, Ext 195 or e-mail me