Home values are continually changing. Property values appreciate in the long term typically. But, in real estate there are no guarantees.
When your home appreciates you have a bigger asset to borrow against, and you'll create a greater profit when you sell. Property values in La Canada waver for various reasons, so how can you be sure what you're buying today won't depreciate the day after you close? The most important factor to consider is that you pick an agent in La Canada who recognizes the factors that affect local prices.
A lot of people think that the economy is the most influential factor affecting real estate appreciation. Obviously, mortgage rates, employment, business growth, government programs and a lot of other national determinants can always influence your home's worth. But the most significant things that determine your home's value are particular to the local La Canada economy and residential market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of buyers and will greatly influence home values. So when it comes to retaining their value, these regions usually appreciate the best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the listing price? Some information can be retrieved from public records, but a good agent with a login 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 last 5-10 years? Is the neighborhood believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice combination of job types in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing? These items play a role.
Learning the factors that influence your property's worth is important. Click here for an evaluation of your house's value. Alternately, you can call Harcourts Crown Jewel at (818) 957-5363 or e-mail us with any questions you might have. We'd love to hear from you!