Fluctuating home prices in Westchester, New York: What causes this?
Over time, the worth of a home will fluctuate up and down. Over a long enough period of time, house values generally appreciate. But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a greater asset to borrow against, and you'll make a larger profit when you sell. But how do you know what you're buying now will appreciate over time? Property values in Westchester change for numerous reasons. It's imperative that you select a REALTOR® in Westchester who is familiar with the factors that influence local prices.
What is the top factor impacting real estate appreciation? Many think that it's the economy. Obviously, mortgage rates, unemployment, job growth, government programs and numerous other national determinants have a noticeable effect on your home's value. But the most important issues that determine your house's value are specific to the local Westchester economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a major impact on almost all home buyers' choices. So these regions generally appreciate, or hold their value consistently, year to year.
The latest home sales - You should receive stats on the recent real estate sales in the neighborhoods that you're asking about from your REALTOR®. You'll want to learn data like how long a house stays on the market and seller discounts.
History of appreciation - In the past 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is thought to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mix of jobs in an area, or does it depend on just one industry? All these play a part.
Identifying the factors that influence your property's market price is important. Visit this link
for an evaluation of your home's value. Have any questions? Please feel free to call us at (914) 793-4100 or e-mail us