What causes New Orleans Metropolitan / Mississippi Gulf Coast Region home prices to fluctuate?
Over time, the worth of a house will fluctuate up or down. Over a long period of time, the value of a house will normally appreciate. When your home appreciated you have a great asset to borrow against, and you will realize a greater profit when you sell. Property values will shift for different reasons, so how can you be sure that what you are buying presently won’t depreciate the day after you buy it? The important aspect if that you pick a REALTOR who understands the factors that influence local prices.
Many people think that the economy is the biggest influence on real estate appreciation. Mortgage rates, employment, job growth, government programs and other national factors have an effect on your home’s value. However, your home’s value and the aspects that play the biggest role in its appreciation depend upon the local market in the New Orleans Metropolitan / Mississippi Gulf Coast Region economy and housing market.
Access to services – Being close to schools, work, shopping, restaurants and entertainment is important to many of us and will greatly influence home values. These communities usually appreciate, or hold their value.
Real estate sales trends – Are homes on the market for 30, 60, or even 90 days or more? Are sellers needing to discount much? You can find a lot of this information in public records, but a good agent with access to the local MLS can provide a more complete picture.
Appreciation history – Have house prices appreciated or depreciated over the past 5-10 years? Is the area considered desirable because of its location or affordability?
Economic factors – Has the area grown? Have businesses moved into or out of the area? Are local companies hiring? Is there a good variety of businesses in the area, or does it rely on just one industry? All these are factors that play a role.
Identifying the factors that play into your property’s market price is important. Any questions, call Revolution Realty at (504)-309-7224 or email us at: email@example.com