Over time, the value of a home will go up and down.
Over a long enough period of time, house values , for the most part, appreciate.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you'll make a higher profit when you sell.
Property values in St. Petersburg fluctuate for many different reasons, so how will you be sure what you're purchasing this year won't depreciate the day after you close?
The most important factor is that you choose an agent in St. Petersburg who understands the factors that drive local prices.
A lot of people think that the economy is the biggest factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and a lot of other national factors have a definite influence on your house's value.
However, your house's value and the aspects that play the biggest role in its appreciation are specific to the local St. Petersburg economy and housing market.
Access to services - Most people want homes in the areas with the most accommodating features, like our schools and work.
So those regions usually appreciate, or carry their value consistently, year to year.
The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions Some information can be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
Appreciation history - Have property prices risen or declined over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair combination of work in an area, or does it count on just one industry? Is the mix of commercial and residential development changing?
All these play a part.