What drives property values in Columbus Metro to move up and down?
Property values are constantly moving up and down. House values appreciate in the long term typically. But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll produce a higher profit when you sell. There is a variety of reasons why property values in Columbus Metro rise and fall. So, how can you be sure what you're purchasing this year will appreciate over time? It's imperative that you select an agent in Columbus Metro who can identify the factors that influence local prices.
What is the most important factor impacting real estate appreciation? Many guess that it's the economy. Naturally, interest rates, unemployment, job growth, government programs and quite a few other national factors have a definite influence on your property's value. However, your home's value and the aspects that play the most significant role in its appreciation are particular to the local Columbus Metro economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values. So those areas generally appreciate, or keep their value, best.
Recent home sales - You should receive information on the recent real estate sales in the regions that you're asking about from your real estate agent. You'll want to know things like time on market and listing price versus selling price.
Appreciation history - Have home prices increased or decreased over the last 5 to 10 years? Is the community believed to be desirable because of its location or affordability?
Local economy - Is there a nice mixture of business in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring? These items play a role.
Learning the factors that influence your home's financial worth is important. Visit this link
for an assessment of your property's value. And if you have any questions, call us at (614) 519-3357 or e-mail us