Real estate prices are constantly moving up and down.
Over a long enough period of time, house values usually go up.
But, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll realize a greater profit when you sell.
Property values in Dunedin fluctuate for a variety of reasons, so how will you be sure what you're investing in this year won't depreciate the day after you close?
The most important aspect is that you pick a real estate agent in Dunedin who is familiar with the factors that drive local prices.
The economy is thought to be the biggest factor impacting real estate appreciation.
Obviously,
interest rates, employment, business growth, government programs and many other national factors have a measurable influence on your house's value.
But the most important factors that decide your house's value depend on the local Dunedin economy and housing market.
Access to services - People typically want homes in the districts with the easiest access to features, like our schools and work.
So when it comes to retaining their value, these communities consistently appreciate much more reliably than areas lacking key features.
Real estate sales trends - What's the time on market? What was the final sales amount versus the asking price? Some information can often 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.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have home prices increased or decreased over the past 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mixture of business in an area, or does it depend on just one industry?
These items play a role.