Understanding Sherman Oaks home prices
Over time, the value of a house will fluctuate up and down.
Over a long enough period of time, house values usually appreciate.
But there is always a certain amount of risk in real estate.
When your house appreciates you have more resources to borrow against, and you'll produce a higher profit when you sell.
But how will you be sure what you're buying right now will appreciate over time? Property values in Sherman Oaks go up and down for a variety of reasons.
Choosing a REALTOR® in Sherman Oaks who recognizes the factors that influence local prices is the most important aspect to consider.
A lot of people are convinced that the economy is the biggest factor affecting real estate appreciation.
After all,
there are a handful of factors on a national level that impact your property's value: unemployment, interest rates, inflation, and more.
However, your home's value and the elements that play the biggest role in its appreciation are specific to the local Sherman Oaks economy and housing market.
Access to services - Proximity to schools and jobs also have a great impact on most home buyers' decisions.
So these areas usually appreciate, or carry their value, best.
Recent sales - Your real estate agent should provide you with figures on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the last 5-10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mixture of work in an area, or does it count on just one industry?
These items play a part.
It's important to be informed about the factors that influence your house's price.
Visit
this link for an assessment of your house's value.
Have any questions? Please feel free to call me at (818) 269-1966 or
e-mail me.