Understanding Pinellas county property appreciation
Home values are continually changing. Usually, house values appreciate in the long term. But there are no guarantees in real estate, of course.
When your house appreciates you have a greater asset to borrow against, and you'll produce a greater profit when you sell. Property values in Seminole change for different reasons, so how do you know what you're investing in right now won't depreciate the day after you close? It's imperative that you select an agent local and knowledgable in Pinellas county who knows the factors that influence local prices.
The economy is believed to be the top factor impacting real estate appreciation. After all, there are numerous factors on a national level that impact your property's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most influential things that decide your home's value are particular to the local Pinellas economy and housing market.
Access to services - Most people want homes in the areas with the most convenient features, like our schools and work. So when it comes to retaining their value, these areas often appreciate better than others.
Real estate sales trends - What's the time on market? What was the final sales amount versus the asking price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have home prices increased or decreased over the past 5 to 10 years?
Local economy - Is there a good mixture of job types in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? These items play a part.