Understanding Myrtle Beach property appreciation
Real estate prices are constantly moving up and down.
Over a long enough period of time, property values , in most cases, go up.
But there are no guarantees in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you get a larger profit when you sell.
But how do you know what you're investing in presently will appreciate over time? Property values in Myrtle Beach vary for different reasons.
It's critical that you select a REALTOR® in Myrtle Beach who is familiar with the factors that drive local prices.
What is the number one factor impacting real estate appreciation? Many believe that it's the economy.
It goes without saying that
there are a handful of factors on a national level that affect your house's value: unemployment, mortgage rates, the stock market, and more.
However, your house's value and the elements that play the biggest role in its appreciation are particular to the local Myrtle Beach economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these regions consistently appreciate better than others.
Recent sales - Your REALTOR® should give you information on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have house prices risen or declined over the past 5 to 10 years?
Local economy - Is there a nice mix of jobs in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a part.
Recognizing the factors that impact your property's price is important.
to get an assessment of your property's value.
Have any questions? Please feel free to call me at (843) 633-2929 or e-mail me
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