Understanding property appreciation in Glendale
Over time, the worth of a piece of real estate will fluctuate up and down. Normally, property values appreciate in the long term. But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a more valuable asset to borrow against, and you'll produce a higher profit when you sell. There are many different reasons why property values in Glendale rise and fall. So, how will you know what you're buying presently will appreciate over time? The most important element is that you choose a REALTOR® in Glendale who understands the factors that drive local prices.
What is the biggest factor impacting real estate appreciation? Many believe that it's the economy. After all, there are many factors on a national level that impact your property's value: unemployment, mortgage rates, consumer confidence, and more. However, your home's value and the aspects that play the most significant role in its appreciation depend on the local Glendale economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many us and will greatly influence home values.
So those areas usually appreciate, or hold their value, best.
Real estate sales trends - How long are homes up for sale before closing? What was the final sales amount versus the listing price? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have home prices risen or declined over the last 5 to 10 years?
Local economy - Is there a good combination of business in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local companies hiring? These items play a part.
