Understanding Lake Wales property appreciation

Home values are constantly moving up and down. Over a long enough period of time, home values almost always go up. But, in real estate there is always a certain amount of risk.

When your property appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell. There are various reasons why property values in Lake Wales change. So, how do you know what you're buying today will appreciate over time? The most important thing is that you pick a REALTOR^® in Lake Wales who is familiar with the factors that influence local prices.

Many are convinced that the economy is the most critical factor affecting real estate appreciation. Clearly, there are several factors on a national level that influence your home's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most important issues that determine your house's value depend on the local Lake Wales economy and residential market.

Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values. So those regions usually appreciate, or keep their value, best.

The latest home sales - You should receive stats on the recent real estate sales in the regions that you'd like to live in from your REALTOR^®. You'll need to analyze things like time on market and listing price as opposed to selling price.

The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?

The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice blend of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing? These items play a part.