Understanding Columbus home pricesReal estate prices are continually changing. Over a long enough period of time, home values , for the most part, go up. But, of course, in real estate there are no "sure things".
When your home appreciates you have more equity to borrow against, and you'll create a better profit when you sell. But how can you be sure what you're purchasing today will appreciate over time? Property values in Columbus move up and down for many different reasons. It's important that you pick a real estate agent in Columbus who can identify the factors that drive local prices.
What is the biggest factor impacting real estate appreciation? Many think that it's the economy. It goes without saying that there are a handful of factors on a national level that alter your home's value: unemployment, interest rates, inflation, and more. But the most important factors that determine your house's value are specific to the local Columbus economy and housing market.
Location in a community - Many home buyers prefer to live in districts with the most helpful elements for families to do well, like a close proximity to schools and work. So when it comes to keeping their value, these communities typically appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive stats on the recent real estate sales in the regions that you're asking about from your REALTOR®. You'll need to analyze figures like time on market and asking price versus selling price.
Appreciation history - Have property prices gone up or down over the last 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair blend of jobs in an area, or does it depend on just one industry? All these play a part.
|Recognizing the factors that influence your home's worth is important. Click here to receive an assessment of your property's value. Call me at 614.285.6683 or e-mail me if you have any questions at all. I'd love to hear from you.|