Fluctuating home prices in Central New York, New York: What causes this?

Over time, the worth of a piece of real estate will fluctuate up and down. Property values appreciate in the long term normally. But, in real estate there are no "sure things".

When your home appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell. There are numerous reasons why property values in Central New York move up and down. So, how will you know what you're investing in now will appreciate over time? It's critical that you pick a REALTOR® in Central New York who knows the factors that affect local prices.

Many think that the economy is the biggest factor impacting real estate appreciation. Clearly, there are a lot of issues on a national level that impact your home's value: unemployment, mortgage rates, the stock market, and more. However, your house's value and the things that play the most significant role in its appreciation depend on the local Central New York economy and housing market.

Let Amodio Realty, Inc. help you with your first home purchase in Central New York Location in a community - Proximity to schools and jobs also have a major effect on most home buyers' choices. So when it comes to holding their value, these communities consistently appreciate better than others.

Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions Some information can be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.

History of appreciation - In the last 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the area is thought to be?

The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good blend of business in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing? Each of these items plays a role.

Learning the factors that influence your property's market price is important. Get an evaluation of your home's value here. Call me at (315) 336-7000 or e-mail me if you have any questions at all. I'd love to hear from you.