Dallas home prices: Need some help understanding why they appreciate?
Real estate prices are forever in flux.
Over a long enough period of time, home values , for the most part, appreciate.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a bigger asset to borrow against, and you get a higher profit when you sell.
Property values in Dallas rise and fall for numerous reasons, so how will you be sure what you're purchasing presently won't depreciate the day after you close?
The most important aspect is that you go with a REALTOR® in Dallas who can identify the factors that affect local prices.
What is the most critical factor affecting real estate appreciation? Many believe that it's the economy.
It goes without saying that
mortgage rates, employment, job growth, government programs and many other national factors have a noticeable influence on your home's worth.
However, your house's value and the features that play the biggest role in its appreciation depend on the local Dallas economy and housing market.
Access to services - Most people want homes in the areas with the most accommodating amenities, such as our schools and jobs.
So these regions usually appreciate, or hold their value consistently, year to year.
Recent sales - Your agent should provide you with statistics on the recent real estate sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice combination of job types in an area, or does it rely upon just one industry?
All these play a part.
Recognizing the factors that impact your house's price is important.
Visit this link
for an assessment of your home's value.
And if you have any questions, call me at (214) 402-6619 or e-mail me