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Understanding Northshore home pricesOver time, the value of a house and land will go up and down. Home values appreciate in the long term normally. But, in real estate there are no "sure things".
When your home appreciates you have a larger asset to borrow against, and you get a bigger profit when you sell. Property values on the Northshore vary for many different reasons, so how do you know what you're investing in today won't depreciate the day after you close? The most important factor is that you choose a real estate agent who understands the factors that affect local prices.
A lot of people believe that the economy is the most crucial factor affecting real estate appreciation. Obviously, there are a handful of factors on a national level that adjust your home's value: unemployment, interest rates, quarterly earnings reports, and more. However, your home's value and the elements that play the biggest role in its appreciation are specific to the local economy and housing market.
 Access to services - Many consumers wish to live in regions with the most conducive amenities for homes to grow, such as a close proximity to jobs and schools. So those communities usually appreciate, or hold their value, best.
Real estate sales trends - What's the time on market? What was the selling price compared to the asking price? Some information can be obtained from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mixture of job types in an area, or does it depend on just one industry? All these play a part.
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It's smart to be informed about the factors that influence your home's value. Visit this link for an evaluation of your home's value. Have any questions? Please feel free to call at 985-796-0300 or e-mail us. |
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Folsom Office
82212 Hwy 25 Folsom, LA 70437
Phone 985-796-0300 : Fax 985-796-5588
Lacombe Office
27113 Tag A Long Rd. Lacombe, LA 70445
Phone 985-326-3333 : Fax 866-689-7658
Licensed in Louisiana
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All rate, payment, and area information are estimates and approximations only. |
