Fluctuating home prices in Inglewood, California: What causes this?
Over time, the value of a piece of real estate will go up and down. Property values appreciate in the long term normally. But, of course, in real estate there are no "sure things".
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell. There are numerous reasons why property values in Inglewood fluctuate. So, how will you be sure what you're buying right now will appreciate over time? It's imperative that you go with an agent in Inglewood who can identify the factors that drive local prices.
A lot of people think that the economy is the number one factor affecting real estate appreciation. Clearly, there are a lot of issues on a national level that influence your property's value: unemployment, mortgage rates, inflation, and more. However, your property's value and the things that play the biggest role in its appreciation depend on the local Inglewood economy and housing market.
Access to services - Many home buyers want to live in areas with the most helpful elements for families to develop, like a close proximity to schools and work. So when it comes to retaining their value, these areas generally appreciate the best.
Real estate sales trends - What's the time on market? What was the selling price versus the asking price? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the community thought to be desirable because of its location or affordability?
Local economy - Is there a fair mix of work in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring? These items play a part.