Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, property values , for the most part, go up.
But there are no guarantees in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll see a bigger profit when you sell.
Property values in Santa Rosa go up and down for many different reasons, so how can you be sure what you're investing in this year won't depreciate the day after you close?
It's critical that you pick a real estate agent in Santa Rosa who recognizes the factors that drive local prices.
The economy is believed to be the most influential factor affecting real estate appreciation.
It goes without saying that
interest rates, employment, job growth, government programs and several other national factors have a noticeable impact on your property's value.
But the most significant things that figure your property's value are specific to the local Santa Rosa economy and housing market.
Access to services - Many of us decide to live in areas with the most conducive factors for families to thrive, such as a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these areas generally 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 listing price? A lot of data 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 community thought to be desirable because of its location or affordability? Have house prices gone up or down over the past 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mixture of jobs in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing?
Each of these factors plays a role.