There is ubiquitous confusion surrounding how real estate is sold, and what caused the appreciation of real estate. When the value of Treasure Coast homes increase (or decline), there are seven major factors that we can look at in order to determine what has caused the value to change:
- The Market. Inventory, demand, and other market statistics should be discussed with a tested Realtor who can accurately relay their meaning to you. There are Seller's markets, Buyer's markets, and balanced markets, and each can effect the current valuation of your real estate. Homes on the Treasure Coast benefit from a fairly consistent demand, being that the location (another supplementing factor below) is sought after for thousands of people that want to buy homes on the Treasure Coast every year.
- Appeal and Condition. This is what is mostly thought of as attributing to value: size, age, construction type, and some subjective emotional appeals. If your home is different from the others in your neighborhood or city, or if it is staged for sale, the perceived value will vary. One reason foreclosures on the Treasure Coast are at a discounted purchase price is because they are in disrepair and lack aesthetic appeal, which destroys the perceived value.
- The Land. Like Mark Twain said, "buy land, they aren't making it anymore."
- Inflation. Self-explanatory; inflation causes a rise in the price of goods, including real estate. This can be measured with professional statistics to determine it's exact role.
- Location. Homes with a proximity to good schools, major arteries, shopping centers, and other high-traffic areas can be in high demand, increasing market value.
- Population Growth. With increasing immigration and birthrate, demand for real estate will be increasing as their is generally a fixed amount of build-able space.
- Infrastructure/Municipal Improvements. There is a higher demand for homes that are near newer, more accessible infrastructure. Along those lines, the future plans of the city or county in which your property resides will have huge implications on its value. I hope this brief explanation was helpful to you and those you would like to share this with. Property valuations can vary tremendously, and are often time miscalculated by the untrained person. If you would like a valuation on a property on the Treasure Coast, or if you'd simply like to discuss this email, call me at ??.
If you have thought of selling your home on the Treasure Coast, it is important to realize that there are two types of factors that will effect your listed price: those you cannot change (inflation, market activity, etc.) and those you can (home appeal, condition, etc.). Don't stress out. If you want to sell your Treasure Coast real estate, call us today for tips and a free consultation!