What causes St Augustine home prices to fluctuate?
Property prices are constantly moving up and down. Over a long enough period of time, home values , in most cases, appreciate. But, in real estate there is always a certain amount of risk.
When your house appreciates you have a greater asset to borrow against, and you'll see a larger profit when you sell. Property values in St Augustine waver for many different reasons, so how will you be sure what you're investing in presently won't depreciate the day after you close? The most important factor is that you select a real estate agent in St Augustine who understands the factors that drive local prices.
Many guess that the economy is the most influential factor affecting real estate appreciation. After all, there are quite a few factors on a national level that adjust your house's value: unemployment, interest rates, the stock market, and more. However, your home's value and the factors that play the biggest role in its appreciation are specific to the local St Augustine economy and housing market.
Access to services - Most people want homes in the areas with the easiest access to places we go often or everyday, like our schools, jobs, and shopping. So those areas often appreciate, or keep their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the listing price? Some information can 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 neighborhood thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
Local economy - Is there a fair combination of job types in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring? These items play a part.