Understanding Dallas property appreciationOver time, the value of a property will go up and down. For the most part, home values appreciate in the long term. But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more resources to borrow against, and you'll create a higher profit when you sell. There are various reasons why property values in Dallas vary. So, how do you know what you're buying today will appreciate over time? The most important factor to consider is that you go with a real estate agent in Dallas who understands the factors that affect local prices.
A lot of people believe that the economy is the most influential factor impacting real estate appreciation. Clearly, interest rates, employment, business growth, government programs and quite a few other national factors have a definite alter your house's value. But the most influential factors that figure your property's value depend on the local Dallas economy and residential market.
Location in a community - Proximity to work and schools also have a major influence on almost all home buyers' choices. So these regions typically appreciate, or carry their value consistently, year to year.
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 neighborhood considered desirable because of its location or affordability? Have house prices risen or declined over the past 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mix of jobs in an area, or does it count on just one industry? These items play a role.
|Identifying the factors that influence your property's worth is important. Click here to receive an assessment of your house's value. And if you have any questions, call me at (214) 536-2410 or e-mail me .