Understanding property appreciation in Houston
Over time, the value of a house will go up and down. Typically, house values appreciate in the long term. But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a more valuable asset to borrow against, and you'll make a greater profit when you sell. But how will you know what you're investing in right now will appreciate over time? Property values in Houston rise and fall for numerous reasons. Choosing a real estate agent in Houston who knows the factors that influence local prices is the most important thing.
The economy is believed to be the biggest factor affecting real estate appreciation. After all, mortgage rates, unemployment, business growth, government programs and numerous other national factors have a definite influence on your home's worth. But the most important factors that determine your home's value are particular to the local
Houston economy and residential market.
Access to services - Many home buyers want to live in districts with the best and most convenient features for families to develop, like a close proximity to schools and work. So those areas generally appreciate, or hold their value consistently, year to year.
Recent home sales - How long do homes typically stay up for sale before closing? Are sellers needing to discount much? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the community considered desirable because of its location or affordability? Have property prices increased or decreased over the last 5 to 10 years?
Local economy - Is there a nice mix of work in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring? Each of these factors plays a role.
Learning the factors that affect your house's value is important. Click here
to receive an estimation of your property's value. Have any questions? Please feel free to call us at (713) 988-1425 or e-mail us