Fluctuating home prices in Portland, Oregon: What causes this?
Over time, the value of a piece of real estate will go up and down.
Home values appreciate in the long term generally.
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 produce a higher profit when you sell.
Property values in Portland change for different reasons, so how will you know what you're buying presently won't depreciate the day after you close?
It's critical that you pick a REALTOR® in Portland who understands the factors that drive local prices.
What is the number one factor affecting real estate appreciation? Many think that it's the economy.
there are a handful of issues on a national level that impact your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most important issues that decide your home's value are particular to the local Portland economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So those areas usually appreciate, or hold their value, best.
The latest home sales - You should receive data on the recent real estate sales in the neighborhoods that you're interested in from your REALTOR®. You'll want to know data like how long a house stays on the market and asking price as opposed to selling price.
Appreciation history - Have property prices gone up or down over the past 5-10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mix of job types in an area, or does it depend on just one industry? Is the blend of commercial and residential zoning changing?
Each of these factors plays a part.
It's vital to know the factors that influence your house's price.
to receive an assessment of your property's value.
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if you have any questions at all. I'd love to hear from you.