Fluctuating home prices in Sun City West, Arizona: What causes this?
Over time, the value of a property will fluctuate up and down. Home values appreciate in the long term by and large. But, in real estate there are no "sure things".
When your house appreciates you have a more valuable asset to borrow against, and you'll realize a bigger profit when you sell. But how will you be sure what you're buying today will appreciate over time? Property values in Sun City West change for various reasons. Choosing an agent in Sun City West who recognizes the factors that drive local prices is the most important element.
What is the major factor impacting real estate appreciation? Many guess that it's the economy. Clearly, there are numerous factors on a national level that influence your property's value: unemployment, interest rates, the stock market, and more. But the most important things that figure your property's value are specific to the local Sun City West economy and housing market.
Location in a community - Many of us wish to live in districts with the most conducive traits for families to do well, like a close proximity to jobs and schools. So when it comes to keeping their value, these regions consistently appreciate much more reliably than areas lacking key features.
Recent home sales - What's the time on market? Are sellers needing to discount much or offer concessions A lot of data can often be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have property prices risen or declined over the past 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair blend of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing? These items play a part.
Recognizing the factors that impact your home's value is important. Get an estimation of your house's value here
. Have any questions? Please feel free to call me at 623-810-9988 or e-mail me