Albuquerque home prices: Need some help understanding why they appreciate?
Real estate values are constantly moving up and down. Over a long enough period of time, property values , in most cases, appreciate. But, in real estate there are no guarantees.
When your property appreciates you have a greater asset to borrow against, and you'll generate a greater profit when you sell. Property values in Albuquerque go up and down for various reasons, so how will you be sure what you're investing in presently won't depreciate the day after you close? The most important part is that you choose a real estate agent in Albuquerque who knows 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 mortgage rates, unemployment, job growth, government programs and a lot of other national factors have a noticeable influence on your house's value. But the most important factors that figure your house's value are specific to the local Albuquerque economy and residential market.
Access to services - Many home buyers decide to live in areas with the most conducive characteristics for homes to grow, like a close proximity to schools, jobs, and work. So when it comes to holding their value, these communities usually appreciate better than others.
Recent sales - Your agent should provide you with data on the recent real estate sales in the districts 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 community thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
Local economy - Is there a fair mixture of work in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring? All these play a role.
Knowing the factors that impact your house's value is important. Click here
to get an assessment of your home's value. Have any questions? Please feel free to call me at 505-298-0573 or e-mail me