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Fluctuating home prices in Palos Verdes, California: What causes this?
Real estate prices are constantly moving up and down.
Usually, house values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have a greater asset to borrow against, and you'll produce a better profit when you sell.
But how will you know what you're investing in presently will appreciate over time? Property values in Palos Verdes shift for different reasons.
Choosing a REALTOR® in Palos Verdes who recognizes the factors that influence local prices is the most important thing.
A lot of people guess that the economy is the top factor affecting real estate appreciation.
Clearly,
interest rates, employment, business growth, government programs and quite a few other national factors can always change your property's value.
However, your house's value and the factors that play the biggest role in its appreciation are particular to the local Palos Verdes economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values.
So these regions usually appreciate, or keep their value, best.
Real estate sales trends - How long do homes typically stay up for sale before closing? What was the final sales amount compared to the listing price? A lot of data can be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have home prices gone up or down over the past 5 to 10 years? Is the area considered 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 good combination of business in an area, or does it rely on just one industry?
Each of these items plays a part.
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Knowing the factors that affect your property's market price is important.
Get an evaluation of your home's value here.
Have any questions? Please feel free to call me at 310 387-1414 or e-mail me.
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