Understanding property appreciation in St. Petersburg

Property values are continually changing. Over a long enough period of time, house values typically appreciate. But there is always a certain amount of risk in real estate, of course.

When your house appreciates you have more equity to borrow against, and you'll see a greater profit when you sell. Property values in St. Petersburg waver for numerous reasons, so how will you know what you're buying presently won't depreciate the day after you close? Choosing an agent in St. Petersburg who knows the factors that influence local prices is the most important aspect to consider.

What is the top factor affecting real estate appreciation? Many believe that it's the economy. Obviously, mortgage rates, employment, job growth, government programs and a handful of other national determinants have a measurable influence on your home's worth. But the most significant factors that figure your property's value are specific to the local St. Petersburg economy and residential market.

Let Florida Real Estate Center help you with your first home purchase in St.  Petersburg Access to services - Proximity to schools and jobs also have a huge effect on almost all home buyers' decisions. So when it comes to keeping their value, these regions usually appreciate the best.

Recent sales - Your REALTOR® should give you figures on the recent real estate sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.

History of appreciation - In the last 5 to 10 years, have house prices increased or decreased? Does location or affordability affect how desirable the area is believed to be?

Local economy - Is there a nice blend of work in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? All these play a role.

Knowing the factors that affect your property's price is important. Click here to get an estimation of your home's value. And if you have any questions, call me at (727) 458-4969 or e-mail me .

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