Appreciating property values in Los Angeles
Real estate values are constantly moving up and down. House values appreciate in the long term normally. But, of course, there are no “sure things” in real estate.
When your house appreciates you have more resources to borrow against, and you’ll see a higher profit when you sell. Property values in Los Angeles move up and down for many different reasons, so how can you be sure what you’re purchasing today won’t depreciate the day after you close? The most important factor to consider is that you choose an agent in Los Angeles who recognizes the factors that affect local prices.
Many guess that the economy is the most important factor impacting real estate appreciation. It goes without saying that interest rates, employment, business growth, government programs and several other national factors can always influence your property’s worth. However, your home’s value and the things that play the biggest role in its appreciation are particular to the local Los Angeles economy and housing market.
Access to services – Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values. So when it comes to holding their value, these communities generally appreciate much more reliably than areas lacking key features.
Recent sales – Your REALTOR® should give you facts and figures on the recent home sales in the regions that you’re asking about. You’ll want to know average time on market, selling versus listing price and more.
The appreciation history – Is the area believed to be desirable because of its location or affordability? Have house prices risen or declined over the last 5-10 years?
The local economy – Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair blend of work in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing? All these play a role.
Knowing the factors that play into your property’s worth is important. Click here to receive an evaluation of your house’s value. Have any questions? Please feel free to call me at 310-275-8700 or email me at firstname.lastname@example.org.