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What causes Phoenix home prices to fluctuate?Real estate values are forever in flux. In most cases, home values appreciate in the long term, but there are no "sure things" in real estate.
When your home appreciates you have more resources to borrow against, and you'll generate a larger profit when you sell. Property values in Phoenix go up and down for numerous reasons, so how will you know what you're purchasing now won't depreciate the day after you close? Choosing a real estate agent in Phoenix who understands the factors that influence local prices is the most important element to consider.
A lot of people think that the economy is the most influential factor impacting real estate appreciation. Clearly, there are a handful of issues on a national level that impact your property's value: unemployment, interest rates, the stock market, and more. However, your property's value and the factors that play the most significant role in its appreciation are specific to the local Phoenix economy and housing market.
 Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values. So when it comes to holding their value, these areas generally appreciate better than others.
Recent sales - Your real estate agent should give you statistics on the recent real estate sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices gone up or down over the past 5-10 years? Is the community believed to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair combination of job types in an area, or does it count on just one industry? These items play a part.
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It's wise to learn about the factors that affect your property's price. Get an assessment of your property's value here. If you have any questions, please call me at 602-866-0150 or e-mail me . |
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