Fluctuating home prices in Calabasas, California: What causes this?
Over time, the value of a home will fluctuate up and down.
Typically, property values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll make a larger profit when you sell.
Property values in Calabasas rise and fall for different reasons, so how can you be sure what you're purchasing today won't depreciate the day after you close?
The most important aspect is that you choose a real estate agent in Calabasas who understands the factors that influence local prices.
Many assume that the economy is the top factor impacting real estate appreciation.
After all,
mortgage rates, employment, business growth, government programs and many other national factors can always change your house's value.
But the most significant factors that determine your house's value depend on the local Calabasas economy and housing market.
Access to services - Many home buyers decide to live in regions with the most helpful components for families to thrive, such as a close proximity to schools and work.
So these regions often appreciate, or hold their value consistently, year to year.
Recent home sales - What's the time on market? What was the selling price compared to the asking price? Some information can 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.
Appreciation history - Have property prices increased or decreased over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mixture of jobs in an area, or does it rely on just one industry?
All these play a part.
Knowing the factors that play into your home's value is important.
Get an evaluation of your property's value here.
Please call me at 818-444-8304 or e-mail me with any questions.
Brad Wiseman, Broker 24025 Park Sorrento Ste 110 Calabasas, CA 91302-4002
Access to services - Many home buyers decide to live in regions with the most helpful components for families to thrive, such as a close proximity to schools and work.
So these regions often appreciate, or hold their value consistently, year to year.
