Havana home prices: Need some help understanding why they appreciate?
Over time, the value of a property will go up and down.
Home values appreciate in the long term almost always.
But there is always a certain amount of risk in real estate.
When your home appreciates you have a greater asset to borrow against, and you'll generate a better profit when you sell.
There are many different reasons why property values in Havana vary. So, how will you know what you're investing in today will appreciate over time?
The most important aspect to consider is that you pick an agent in Havana who is familiar with the factors that affect local prices.
The economy is assumed to be the number one factor impacting real estate appreciation.
It goes without saying that
mortgage rates, employment, business growth, government programs and a lot of other national factors have a noticeable impact on your property's worth.
But the most important things that figure your property's value are particular to the local Havana economy and residential market.
Location in a community - People typically want homes in the regions with the most accommodating places we go often or everyday, such as our work and schools.
So those areas typically appreciate, or keep their value, best.
The latest home sales - You should receive figures on the recent real estate sales in the neighborhoods that you're interested in from your agent. You'll need to analyze data like how long a house stays on the market and seller discounts.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the neighborhood thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice blend of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing?
These items play a part.
Recognizing the factors that impact your property's market price is important.
Visit this link
for an estimation of your house's value.
And if you have any questions, call me at (850) 539-1000 or e-mail me