Understanding property appreciation in Glendale
Real estate prices are constantly moving up and down. Property values appreciate in the long term almost always. But, of course, there are no "sure things" in real estate.
When your home appreciates you have more equity to borrow against, and you'll make a larger profit when you sell. Property values in Glendale waver for various reasons, so how do you know what you're purchasing now won't depreciate the day after you close? The most important element is that you pick an agent in Glendale who can identify the factors that influence local prices.
The economy is thought to be the most critical factor impacting real estate appreciation. Obviously, interest rates, unemployment, job growth, government programs and several other national determinants have a noticeable effect on your property's value. However, your property's value and the things that play the biggest role in its appreciation are particular to the local Glendale economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So when it comes to keeping their value, these regions generally appreciate the best.
Real estate sales trends - What's the time on market? What was the final sales amount compared to the asking price? A lot of data can be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the neighborhood is thought to be?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mix of work in an area, or does it rely upon just one industry? All these play a part.