Property prices are forever in flux.
Generally, house values appreciate in the long term.
But there are no guarantees in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll produce a larger profit when you sell.
But how can you be sure what you're buying presently will appreciate over time? Property values in Orlando rise and fall for different reasons.
It's critical that you select an agent in Orlando who recognizes the factors that influence local prices.
Many are convinced that the economy is the biggest factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and a lot of other national factors have a definite effect on your house's worth.
However, your property's value and the things that play the biggest role in its appreciation depend on the local Orlando economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values.
So those areas consistently appreciate, or carry their value, best.
Trends in home sales - How quickly are homes selling? What was the final sales amount versus the listing price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have home prices increased or decreased over the last 5-10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good mix of job types in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
Each of these pieces plays a part.