What causes St. Clair County home prices to fluctuate?
Home prices are forever in flux.
Property values appreciate in the long term by and large.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
Property values in St. Clair County shift for different reasons, so how can you be sure what you're purchasing right now won't depreciate the day after you close?
It's important that you pick an agent in St. Clair County who understands the factors that influence local prices.
Many think that the economy is the major factor impacting real estate appreciation.
interest rates, employment, job growth, government programs and quite a few other national factors have a definite influence on your home's worth.
However, your property's value and the factors that play the biggest role in its appreciation are particular to the local St. Clair County economy and housing market.
Location in a community - Proximity to work and schools also have a huge impact on almost all home buyers' choices.
So when it comes to retaining their value, these communities generally appreciate much more reliably than areas lacking key features.
Real estate sales trends - How long do homes typically stay on the market? What was the selling price compared to the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair blend of work in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing?
Each of these elements plays a part.
It's worthwhile to know the factors that influence your home's worth.
Get an evaluation of your home's value here
Call us at (810) 765-4005 or e-mail us
if you have any questions at all. We'd love to hear from you.