Vero Beach home prices: Need some help understanding why they appreciate?

Over time, the value of a home will fluctuate up and down. Generally, property values appreciate in the long term. But, of course, there are no "sure things" in real estate.

When your property appreciates you have a greater asset to borrow against, and you get a higher profit when you sell. Property values in Vero Beach waver for various reasons, so how will you know what you're purchasing this year won't depreciate the day after you close? Choosing an agent in Vero Beach who understands the factors that affect local prices is the most important aspect to consider.

Many assume that the economy is the most influential factor affecting real estate appreciation. After all, there are a handful of issues on a national level that alter your property's value: unemployment, mortgage rates, the stock market, and more. However, your property's value and the aspects that play the biggest role in its appreciation are particular to the local Vero Beach economy and housing market.

Location in a community - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values. So these communities generally appreciate, or carry their value, best.

Recent home sales - You should receive information on the recent real estate sales in the regions that you're interested in from your agent. You'll need to analyze things like time on market and listing price versus selling price.

Appreciation history - Have property prices risen or declined over the past 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 nice mixture of work in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing? All these play a part.

Recognizing the factors that play into your house's worth is important. Click here to get an assessment of your home's value. Have any questions? Please feel free to call us at 772-713-7139 or e-mail us.

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