Over time, the worth of a house will fluctuate up and down.
By and large, property values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a bigger asset to borrow against, and you'll realize a better profit when you sell.
But how will you be sure what you're buying right now will appreciate over time? Property values in Arcadia move up and down for numerous reasons.
Choosing a real estate agent in Arcadia who recognizes the factors that influence local prices is the most important thing.
What is the major factor affecting real estate appreciation? Many are convinced that it's the economy.
interest rates, employment, business growth, government programs and a handful of other national factors have a measurable effect on your home's worth.
But the most significant factors that determine your home's value depend on the local Arcadia economy and housing market.
Location in a community - People typically want homes in the regions with the most convenient amenities, like our schools and work.
So these regions generally appreciate, or retain their value consistently, year to year.
Prior home sales - How fast are houses selling? What was the final sales amount versus the asking price? Some information can be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have house prices risen or declined over the past 5 to 10 years? Is the area considered desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good blend of business in an area, or does it rely on just one industry?
All these play a role.