What causes New York home prices to fluctuate?

Over time, the worth of a house will fluctuate up and down. Over a long enough period of time, home values almost always appreciate. But, in real estate there are no "sure things".

When your property appreciates you have more resources to borrow against, and you get a greater profit when you sell. But how can you be sure what you're investing in now will appreciate over time? Property values in New York waver for various reasons. It's critical that you choose a REALTOR^® in New York who understands the factors that drive local prices.

What is the most influential factor impacting real estate appreciation? Many assume that it's the economy. It goes without saying that there are many factors on a national level that change your house's value: unemployment, mortgage rates, the stock market, and more. However, your home's value and the components that play the most significant role in its appreciation depend on the local New York economy and housing market.

Access to services - Many of us want to live in regions with the most accommodating amenities for households to develop, such as a close proximity to jobs and schools. So when it comes to retaining their value, these areas often appreciate better than others.

Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much or offer concessions A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.

The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have house prices risen or declined over the past 5-10 years?

Local economy - Is there a nice mixture of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? These items play a role.