Over time, the value of a piece of real estate will go up and down.
House values appreciate in the long term normally.
But, in real estate there are no guarantees.
When your property appreciates you have a more valuable asset to borrow against, and you'll make a greater profit when you sell.
There is a variety of reasons why property values in Long Beach go up and down. So, how do you know what you're purchasing right now will appreciate over time?
The most important element is that you choose a REALTOR® in Long Beach who knows the factors that influence local prices.
What is the biggest factor impacting real estate appreciation? Many think that it's the economy.
interest rates, unemployment, business growth, government programs and quite a few other national factors have a noticeable influence on your home's worth.
However, your property's value and the aspects that play the most significant role in its appreciation depend on the local Long Beach economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a huge influence on many home buyers' decisions.
So when it comes to keeping their value, these communities consistently appreciate the best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the asking price? Some information can be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mix of work in an area, or does it depend on just one industry?
All these play a part.