Over time, the value of a property will go up and down. Usually, home values appreciate in the long term. But, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you make a higher profit when you sell. But how will you know what you're investing in today will appreciate over time? Property values in Cincinnati waver for numerous reasons. It's important that you go with a real estate agent in Cincinnati who understands the factors that influence local prices.
The economy is assumed to be the most crucial factor affecting real estate appreciation. Clearly, interest rates, unemployment, business growth, government programs and a handful of other national factors have a measurable influence your home's worth. However, your home's value and the factors that play the biggest role in its appreciation are particular to the local Cincinnati economy and housing market.
Location in a community - Many home buyers prefer to live in districts with the most helpful amenities for households to succeed, such as a close proximity to schools and work. So those regions often appreciate, or retain their value, best.
Recent sales - Your real estate agent should provide you with statistics on the recent home sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices gone up or down over the past 5 to 10 years? Is the area considered desirable because of its location or affordability?
Local economy - Is there a good mix 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.
I can help with all of your home marketing decisions, including determining the best asking price for your home. I know the particulars of your neighborhood, the value of homes, and can help you discover what your home may really be worth. Identifying the factors that play into your house's worth is important. Please call me at 513.588.5298 or e-mail me with any questions.