Understanding Tampa property appreciation
Over time, the value of a house will go up and down. Over a long enough period of time, property values , by and large, appreciate. But, in real estate there are no guarantees.
When your house appreciates you have more resources to borrow against, and you'll realize a larger profit when you sell. Property values in Tampa change for a variety of reasons, so how will you know what you're purchasing presently won't depreciate the day after you close? Choosing a REALTOR® in Tampa who knows the factors that influence local prices is the most important thing.
The economy is believed to be the most important factor affecting real estate appreciation. Obviously, mortgage rates, employment, business growth, government programs and many other national factors have a noticeable influence on your house's value. However, your house's value and the elements that play the biggest role in its appreciation are specific to the local Tampa economy and housing market.
Access to services - Most people want homes in the regions with the most accommodating places we go often or everyday, like our schools and jobs. So when it comes to holding their value, these communities often appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should provide you with facts and figures on the recent real estate sales in the areas 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 area believed to be desirable because of its location or affordability? Have home prices gone up or down over the last 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair combination of job types 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.