Fluctuating home prices in San Antonio, Texas: What causes this?Over time, the value of a house will go up and down. Over a long enough period of time, property values normally go up. But there are no guarantees in real estate.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a better profit when you sell. Property values in San Antonio vary for a variety of reasons, so how will you know what you're investing in right now won't depreciate the day after you close? The most important element is that you select a REALTOR® in San Antonio who can identify the factors that affect local prices.
What is the number one factor affecting real estate appreciation? Many believe that it's the economy. Obviously, mortgage rates, unemployment, job growth, government programs and several other national determinants have a measurable effect on your property's worth. But the most significant factors that determine your home's value depend on the local San Antonio economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values. So these areas typically appreciate, or keep their value consistently, year to year.
Recent home sales - How quickly are homes selling? What was the final sales amount versus the listing price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the last 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mixture of jobs in an area, or does it rely on just one industry? Each of these pieces plays a role.
|It's wise to be informed about the factors that impact your property's financial worth. Click here to receive an assessment of your house's value. Please call me at 210-422-5699 or e-mail me with any questions.|