Appreciating property values in Santa Monica
Home values are continually changing. Over a long enough period of time, house values , by and large, go up. But there is always a certain amount of risk in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you get a bigger profit when you sell. But how can you be sure what you’re investing in right now will appreciate over time? Property values in Santa Monica rise and fall for numerous reasons. It’s critical that you select a REALTOR® in Santa Monica who can identify the factors that drive local prices.
Many are convinced that the economy is the greatest factor affecting real estate appreciation. Naturally, interest rates, unemployment, business growth, government programs and numerous other national factors have a measurable effect on your home’s value. However, your property’s value and the factors that play the biggest role in its appreciation are particular to the local Santa Monica economy and housing market.
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Access to services – Most people want homes in the districts with the most accommodating amenities, such as our jobs and schools. So when it comes to keeping their value, these areas generally appreciate the best.
Prior home sales – Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much or offer concessions 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 community considered desirable because of its location or affordability? Have home prices gone up or down over the last 5 to 10 years?
Economic factors – Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mixture of job types in an area, or does it rely on just one industry? Each of these pieces plays a part.