Understanding Tampa property appreciation
Property prices are continually changing. Over a long enough period of time, home values , in most cases, appreciate. But, of course, in real estate there are no "sure things".
When your house appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell. There are different reasons why property values in Tampa rise and fall. So, how will you be sure what you're investing in now will appreciate over time? It's critical that you select a real estate agent in Tampa who knows the factors that drive local prices.
Many think that the economy is the top factor impacting real estate appreciation. Naturally, there are numerous factors on a national level that change your home's value: unemployment, interest rates, consumer confidence, and more. However, your property's value and the things that play the most significant role in its appreciation are specific to the local Tampa economy and housing market.
Location in a community - Many consumers choose to live in regions with the most conducive factors for households to shine, such as a close proximity to schools, jobs, and work. So these regions consistently appreciate, or retain their value, best.
Recent sales - Your agent should give you statistics on the recent home sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices gone up or down over the last 5-10 years? Is the neighborhood believed to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mixture of jobs in an area, or does it rely upon just one industry? Each of these items plays a role.