Fluctuating home prices in Rockville, Maryland: What causes this?

Real estate values are continually changing. Home values appreciate in the long term generally. But, of course, there is always a certain amount of risk in real estate.

When your house appreciates you have a bigger asset to borrow against, and you'll create a larger profit when you sell. But how will you be sure what you're buying this year will appreciate over time? Property values in Rockville fluctuate for different reasons. The most important aspect is that you pick a real estate agent in Rockville who knows the factors that affect local prices.

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What is the most influential factor affecting real estate appreciation? Many are convinced that it's the economy. Obviously, there are numerous issues on a national level that impact your home's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most influential factors that decide your property's value are specific to the local Rockville economy and housing market.

Access to services - 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 when it comes to retaining their value, these regions typically appreciate the best.

Real estate sales trends - What's the time on market? Are sellers having to discount much? A lot of data can be retrieved 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 risen or declined over the past 5-10 years? Is the community thought to be 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 nice combination of business in an area, or does it rely on just one industry? Each of these things plays a part.

	Recognizing the factors that play into your home's financial worth is important. Visit this link for an evaluation of your home's value. Please call me at 301-933-0058 or e-mail me with any questions.