|
|
|
|
Fluctuating home prices in Minnesota: What causes this?Property values are continually changing. Usually, house values appreciate in the long term. But, in real estate there are no "sure things".
When your property appreciates you have a greater asset to borrow against, and you get a better profit when you sell. Property values in the Metro area rise and fall for various reasons, so how will you know what you're purchasing this year won't depreciate the day after you close? It's critical that you pick a REALTOR® in Minneapolis area who recognizes the factors that influence local prices.
Many believe that the economy is the most important factor impacting real estate appreciation. Clearly, mortgage rates, unemployment, business growth, government programs and a lot of other national determinants have a measurable impact your house's value. But the most influential factors that determine your property's value are particular to the local Minneapolis economy and residential market.
 Access to services - Most people want homes in the districts with the most useful places we go often or everyday, like our work and schools. So those areas consistently appreciate, or keep their value, best.
Recent home sales - You should receive information on the recent real estate sales in the areas that you'd like to live in from your REALTOR®. You'll want to know things like time on market and asking price versus selling price.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice combination of job types in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing? All these play a role.
 |
 |
 |
It's wise to learn about the factors that influence your property's value. Visit this link for an evaluation of your house's value. Have any questions? Please feel free to call me at 612-387-1326 or e-mail me. |
|
|
|
 |
|
|
|
|
