Real estate values are constantly moving up and down.
Over a long enough period of time, home values generally go up.
But, of course, in real estate there are no guarantees.
When your home appreciates you have a greater asset to borrow against, and you'll realize a better profit when you sell.
Property values in San Diego fluctuate for numerous reasons, so how can you be sure what you're purchasing right now won't depreciate the day after you close?
Choosing a REALTOR® in San Diego who understands the factors that influence local prices is the most important element to consider.
What is the major factor affecting real estate appreciation? Many are convinced that it's the economy.
there are several issues on a national level that adjust your property's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most influential factors that decide your house's value are specific to the local San Diego economy and residential market.
Access to services - Many home buyers prefer to live in areas with the most helpful amenities for homes to do well, such as a close proximity to schools, jobs, and work.
So these regions usually appreciate, or keep their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the asking price? Some information can often be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have house prices increased or decreased over the past 5 to 10 years?
Local economy - Is there a nice mixture of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a role.