Fluctuating home prices in Montrose, Colorado: What causes this?
Over time, the value of a piece of real estate will fluctuate up and down.
Typically, house values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a more valuable asset to borrow against, and you'll realize a greater profit when you sell.
But how do you know what you're purchasing today will appreciate over time? Property values in Montrose waver for a variety of reasons.
It's imperative that you go with a REALTOR® in Montrose who can identify the factors that affect local prices.
The economy is thought to be the most influential factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and several other national determinants have a measurable impact on your house's value.
However, your home's value and the elements that play the biggest role in its appreciation depend on the local Montrose economy and housing market.
Location in a community - Most people want homes in the districts with the easiest access to amenities, like our schools and jobs.
So these areas often appreciate, or carry their value consistently, year to year.
Recent sales - Your real estate agent should provide you with information on the recent real estate sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the area is thought to be?
Local economy - Is there a nice blend of work in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a part.
Identifying the factors that influence your home's value is important.
Get an evaluation of your house's value here.
Have any questions? Please feel free to call me at 970-901-0434 or e-mail me.
Nick & Joan Zappa Eagles Wings Realty 18220 Puma Trail, Montrose, Colorado