What is My Home Worth?
Over time, the worth of a home will fluctuate up and down. Property values nearly always appreciate in the long term. But in real estate, there are no guarantees.
When your house appreciates you have more resources to borrow against, and you'll see a bigger profit when you sell. But how will you be sure what you're buying now will appreciate over time? Property values in Prescott move up and down for various reasons. The most important thing is that you go with a REALTOR® in Prescott who recognizes the factors that affect local prices.
The economy is assumed to be the number one factor affecting real estate appreciation. It goes without saying that mortgage rates, employment, job growth, government programs and some other national factors have a noticeable impact on your property's value. However, your property's value and the things that play the biggest role in its appreciation depend on the local Prescott economy and housing market.
Access to Services - People typically want homes in the areas with the best and most convenient features, such as our jobs and schools. So those communities consistently appreciate, or keep their value consistently, year to year.
Recent Home Sales - You should receive reports on the recent real estate sales in the districts that you'd like to live in from your REALTOR®. You'll want to learn data like time on market and listing price as opposed to selling price.
History of Appreciation - In the last 5-10 years, have home prices risen or declined? Does location or affordability affect how desirable the neighborhood is considered?
Economic Factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice blend of jobs in an area, or does it rely upon just one industry? Each of these things plays a role.
It's vital to understand the factors that affect your property's worth. Contact Brian for an evaluation of your property's value: (928) 308-5086 or by e-mail.
914 E Gurley Street
Prescott, AZ 86301
Cell: (928) 308-5086
When you list a home in the winter, accept that there will probably be fewer potential buyers coming through to see the home, but know that the ones who do will be seriously motivated. Don't undervalue - or underprice your home - just because it has fewer viewings.