Licensed Real Estate Broker
New York and Connecticut
Certified Real Estate Appraiser
2157B Tomlinson Avenue
Bronx, New York 10461
Bronx home prices: Need some help understanding why they appreciate?Home values are continually changing. Over a long enough period of time, home values almost always go up. But, in real estate there are no "sure things".
When your house appreciates you have a more valuable asset to borrow against, and you'll make a higher profit when you sell. Property values in Bronx move up and down for numerous reasons, so how will you be sure what you're purchasing this year won't depreciate the day after you close? It's imperative that you choose a REALTOR® in Bronx who understands the factors that drive local prices.
Many are convinced that the economy is the number one factor affecting real estate appreciation. Obviously, there are quite a few issues on a national level that influence your property's value: unemployment, interest rates, quarterly earnings reports, and more. But the most significant issues that decide your house's value are specific to the local Bronx economy and residential market.
Access to services - Proximity to work and schools also have a major influence on most home buyers' decisions. So those regions consistently appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with reports on the recent home sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have property prices risen or declined over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of job types in an area, or does it rely on just one industry? All these play a part.
|It's important to know the factors that influence your home's value. Get an estimation of your home's value here. And if you have any questions, call me at 718-518-8588 or e-mail me .|