Over time, the value of a property will fluctuate with changes in both the economic climates of the country and the state as well as a number of other factors. When some people make the decision to purchase a home, they are buying it as more of an investment that they want to sell and make money off of a few years down the road. For example, if you purchase a property in a very up and coming area, you may be able to sell it for much more than you paid in five years down the road.
Another factor that must be taken into consideration when thinking about the fluctuation of a home value is the inflation rate of the country. The current inflation rate is about 2 percent. Due to the inflation rate, it may seem like your home gained a lot of value in the ten years you have owned it. However, the reality is that when the rate of inflation is calculated when assessing your home value, you may find that your home may not have changed in value much at all.
One other factor that some people forget to consider when thinking about the value of a home is that if the construction industry is successful, more new homes will be built. If it is more costly to build a home, the listing price of that home will be higher as well.
Many people are unsure of what their current home’s value is. If you are unsure, there are websites such as Zillow that will give you a rough estimate. When you want to sell your home, a real estate agent can help you figure out what to list it at based on the value and what some other homes in the neighborhood have been sold for recently. If you have questions about real estate matters, contact an experienced real estate attorney who can provide you with assistance.
If you require experienced legal representation for any of your real estate, bankruptcy or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.