Understanding Las Vegas property appreciation
Over time, the value of a house will go up and down.
Over a long enough period of time, property values , by and large, appreciate.
But, of course, there are no guarantees in real estate.
When your house appreciates you have more equity to borrow against, and you'll make a better profit when you sell.
There are different reasons why property values in Las Vegas shift. So, how do you know what you're buying now will appreciate over time?
Choosing a real estate agent in Las Vegas who is familiar with the factors that drive local prices is the most important element.
Many think that the economy is the biggest factor affecting real estate appreciation.
there are a handful of factors on a national level that influence your house's value: unemployment, mortgage rates, consumer confidence, and more.
But the most important things that figure your property's value are specific to the local Las Vegas economy and housing market.
Access to services - Many of us want to live in districts with the most useful elements for households to succeed, such as a close proximity to jobs and schools.
So these areas typically appreciate, or carry their value, best.
Real estate sales trends - What's the time on market? What was the final sales amount compared to the asking price? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have property prices risen or declined over the past 5-10 years?
Local economy - Is there a nice mixture of jobs in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
These items play a part.
It's important to learn about the factors that play into your house's financial worth.
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