Understanding St Petersburg property appreciation
Over time, the value of a property will go up and down.
Over a long enough period of time, house values , by and large, go up.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you make a higher profit when you sell.
But how can you be sure what you're buying presently will appreciate over time? Property values in St Petersburg vary for various reasons.
Choosing a REALTOR® in St Petersburg who knows the factors that drive local prices is the most important factor to consider.
The economy is thought to be the greatest factor impacting real estate appreciation.
It goes without saying that
there are numerous issues on a national level that impact your home's value: unemployment, mortgage rates, the stock market, and more.
But the most significant issues that determine your home's value are particular to the local St Petersburg economy and residential market.
Access to services - Proximity to schools, jobs, and amenities also have a major impact on all home buyers' decisions.
So these regions often appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with stats on the recent real estate 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.
History of appreciation - In the last 5 to 10 years, have house prices risen or declined? Does location or affordability affect how desirable the community is thought of as?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mix of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
These items play a part.
Learning the factors that play into your property's worth is important.
Get an estimation of your property's value here
Call us at (904) 823-8909 or e-mail us
if you have any questions at all. We'd love to hear from you.