Understanding Destin property appreciation

Property prices are constantly moving up and down. Typically, home values appreciate in the long term. But, in real estate there is always a certain amount of risk.

When your home appreciates you have more resources to borrow against, and you'll produce a higher profit when you sell. But how do you know what you're purchasing right now will appreciate over time? Property values in Destin rise and fall for a variety of reasons. It's important that you pick a REALTOR® in Destin who knows the factors that drive local prices.

Many assume that the economy is the most influential factor impacting real estate appreciation. Obviously, there are several issues on a national level that adjust your house's value: unemployment, mortgage rates, consumer confidence, and more. But the most important factors that determine your home's value are particular to the local Destin economy and housing market.

Let Ben Ward help you with your first home purchase in Destin Location in a community - Proximity to schools, jobs, and amenities also have a major influence on most home buyers' decisions. So these areas often appreciate, or keep their value, best.

Recent home sales - How long do homes typically stay on the market? What was the final sales amount versus 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.

Appreciation history - Have property prices gone up or down over the last 5-10 years? Is the neighborhood believed to be desirable because of its location or affordability?

The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good combination of job types in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing? Each of these pieces plays a part.

It's smart to know the factors that influence your home's worth. Click here to receive an estimation of your house's value. Call me at 850-837-3325 or e-mail me if you have any questions at all. I'd love to hear from you.

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