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 me for an evaluation of your property's value: (928) 308-5086 or by e-mail.
140 N. Montezuma Street
Prescott, AZ 86301
Cell: (928) 308-5086
Why Choose HomeSmart?
To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year. However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac).