Understanding Cleveland home prices

Real estate values are constantly moving up and down. Over a long enough period of time, home values , by and large, appreciate. But, of course, in real estate there is always a certain amount of risk.

When your house appreciates you have a larger asset to borrow against, and you'll produce a higher profit when you sell. But how will you be sure what you're purchasing today will appreciate over time? Property values in Cleveland rise and fall for numerous reasons. The most important factor to consider is that you pick a REALTOR® in Cleveland who recognizes the factors that affect local prices.


What is the top factor affecting real estate appreciation? Many assume that it's the economy. It goes without saying that there are a handful of issues on a national level that adjust your house's value: unemployment, mortgage rates, business growth, and more. But the most influential things that decide your property's value are specific to the local Cleveland economy and residential market.

Let Griffith Real Estate & Appraisal Services help you with your first home purchase in Cleveland Location in a community - Many of us decide to live in districts with the most conducive characteristics for households to succeed, such as a close proximity to jobs and schools. So when it comes to holding their value, these regions often appreciate much more reliably than areas lacking key features.

Recent sales - Your agent should provide you with information on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.

History of appreciation - In the last 5 to 10 years, have property prices increased or decreased? Does location or affordability affect how desirable the neighborhood is thought to be?

The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mix of job types in an area, or does it count on just one industry? Is the blend of commercial and residential development changing? All these play a role.

Learning the factors that affect your home's value is important. Visit this link for an estimation of your property's value. Call me at (662)843-0309 or e-mail me if you have any questions at all. I'd love to hear from you.