Property prices are continually changing.
Over a long enough period of time, property values almost always go up.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell.
But how can you be sure what you're investing in right now will appreciate over time? Property values in Naples waver for different reasons.
The most important factor to consider is that you go with a REALTOR® in Naples who can identify the factors that affect local prices.
Many guess that the economy is the most important factor impacting real estate appreciation.
interest rates, employment, business growth, government programs and numerous other national factors have a measurable impact on your property's value.
However, your home's value and the factors that play the most significant role in its appreciation are particular to the local Naples economy and housing market.
Access to services - Proximity to work and schools also have a major influence on almost all home buyers' choices.
So when it comes to holding their value, these regions typically appreciate much more reliably than areas lacking key features.
Prior home sales - How long are homes up for sale before closing? What was the selling price 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 often be able to provide a more complete picture.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have house prices risen or declined over the past 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair mixture of work in an area, or does it count on just one industry? Is the mix of commercial and residential development changing?
These items play a role.