What causes Utah home prices to fluctuate?
Over time, the value of a property will go up and down.
Over a long enough period of time, house values , by and large, appreciate.
But, of course, in real estate there are no "sure things".
When your house appreciates you have a greater asset to borrow against, and you'll realize a larger profit when you sell.
There are various reasons why property values in Utah shift. So, how do you know what you're investing in presently will appreciate over time?
It's imperative that you pick a real estate agent in Utah who knows the factors that affect local prices.
What is the greatest factor affecting real estate appreciation? Many believe that it's the economy.
It goes without saying that
there are a handful of factors on a national level that alter your house's value: unemployment, mortgage rates, consumer confidence, and more.
But the most significant issues that determine your property's value are particular to the local Utah economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values.
So those regions typically appreciate, or keep their value consistently, year to year.
The latest home sales - You should receive information on the recent real estate sales in the areas that you're asking about from your REALTOR®. You'll want to know data like time on market and listing price as opposed to selling price.
Appreciation history - Have property prices gone up or down over the last 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice mix of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
All these play a part.
Identifying the factors that play into your house's price is important.
Get an evaluation of your house's value here
Have any questions? Please feel free to call usat 801.205.7355 or e-mail us