Home prices are continually changing.
Over a long enough period of time, home values generally go up.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a greater asset to borrow against, and you make a higher profit when you sell.
But how can you be sure what you're purchasing right now will appreciate over time? Property values in San Diego change for numerous reasons.
It's imperative that you go with an agent in San Diego who knows the factors that influence local prices.
What is the greatest factor affecting real estate appreciation? Many are convinced that it's the economy.
Clearly,
there are a lot of issues on a national level that adjust your house's value: unemployment, mortgage rates, business growth, and more.
But the most significant issues that decide your house's value depend on the local San Diego economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to many us and will greatly influence home values.
So when it comes to retaining their value, these areas often appreciate better than others.
Recent home sales - You should receive data on the recent real estate sales in the regions that you're asking about from your REALTOR®. You'll need to learn data like time on market and seller discounts.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices increased or decreased over the last 5 to 10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair combination of work in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing?
All these play a role.