What drives property values in Milpitas to move up and down?
Real estate values are continually changing. Over a long enough period of time, home values generally appreciate. But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a greater asset to borrow against, and you make a better profit when you sell. Property values in Milpitas waver for numerous reasons, so how will you know what you're purchasing this year won't depreciate the day after you close? The most important factor to consider is that you go with a real estate agent in Milpitas who is familiar with the factors that drive local prices.
The economy is assumed to be the number one factor impacting real estate appreciation. It goes without saying that there are a handful of issues on a national level that change your house's value: unemployment, interest rates, the stock market, and more. But the most influential issues that determine your property's value are particular to the local Milpitas economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values. So those areas usually appreciate, or hold their value, best.
The latest home sales - You should receive information on the recent real estate sales in the neighborhoods that you're asking about from your real estate agent. You'll need to analyze things like how long a house stays on the market and seller discounts.
Appreciation history - Have property prices gone up or down over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a nice mixture of work in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? These items play a role.