January 9, 2020 | pacificpropertiesteam
What drives property values in Coos Bay to move up and down?
Over time, the worth of a house will fluctuate up and down. House 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 property appreciates you have a bigger asset to borrow against, and you’ll see a higher profit when you sell. There are numerous reasons why property values in Coos Bay go up and down. So, how will you be sure what you’re buying today will appreciate over time? It’s critical that you pick an agent in Coos Bay who is familiar with the factors that influence local prices.
What is the most influential factor affecting real estate appreciation? Many guess that it’s the economy. Clearly, interest rates, employment, business growth, government programs and a lot of other national determinants have a definite effect on your house’s value. But the most significant issues that decide your home’s value are specific to the local Coos Bay economy and residential market.
Access to services – Proximity to schools and work also have a huge effect on many home buyers’ decisions. So when it comes to holding their value, these areas consistently appreciate better than others.
Recent sales – Your agent should provide you with facts and figures on the recent home sales in the districts 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 thought of as desirable because of its location or affordability? Have home prices increased or decreased over the last 5-10 years?
Economic factors – Have companies moved into or away from an area? Are local companies hiring? Is there a fair mix of business in an area, or does it rely upon just one industry? These items play a part.Recognizing the factors that impact your house’s value is important. Click here to get an estimation of your house’s value. And if you have any questions, call us at (541) 269-5263 or e-mail us .