Understanding property appreciation in Lawrence

Property values are forever in flux. Over a long enough period of time, property values almost always appreciate. But, of course, in real estate there is always a certain amount of risk.

When your house appreciates you have a bigger asset to borrow against, and you'll create a better profit when you sell. But how do you know what you're purchasing right now will appreciate over time? Property values in Lawrence fluctuate for various reasons. The most important aspect is that you go with a real estate agent in Lawrence who can identify the factors that drive local prices.

   


Many are convinced that the economy is the most important factor affecting real estate appreciation. Clearly, there are some factors on a national level that impact your home's value: unemployment, interest rates, inflation, and more. But the most influential issues that decide your home's value are particular to the local Lawrence economy and residential market.

Let Miller & Midyett Real Estate help you with your first home purchase in Lawrence Access to services - Proximity to jobs and schools also have a great affect on many home buyers' choices. So those communities consistently appreciate, or hold their value, best.

Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.

History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is believed to be?

Local economy - Is there a fair mixture of work in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring? Each of these things plays a role.

It's vital to understand the factors that impact your house's financial worth. Visit this link for an assessment of your property's value. And if you have any questions, call me at 785-843-8566 or e-mail me .

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