Home prices are continually changing.
Generally, home values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your property appreciates you have more resources to borrow against, and you'll make a larger profit when you sell.
Property values in St. Petersburg move up and down for a variety of reasons, so how will you know what you're buying presently won't depreciate the day after you close?
It's important that you select a real estate agent in St. Petersburg who recognizes the factors that drive local prices.
A lot of people are convinced that the economy is the most crucial factor impacting real estate appreciation.
interest rates, employment, job growth, government programs and a handful of other national factors have a definite impact on your house's value.
But the most influential things that figure your house's value are specific to the local St. Petersburg economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So when it comes to holding their value, these communities often appreciate the best.
Recent sales - Your agent should give you statistics on the recent real estate sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the last 5 to 10 years? Is the neighborhood believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair combination of business in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
Each of these factors plays a part.