Over time, the worth of a piece of real estate will fluctuate up and down.
Over a long enough period of time, home values typically go up.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have a more valuable asset to borrow against, and you'll produce a better profit when you sell.
There are various reasons why property values in Ocala fluctuate. So, how will you know what you're investing in right now will appreciate over time?
The most important factor is that you select an agent in Ocala who knows the factors that affect local prices.
Many guess that the economy is the biggest factor affecting real estate appreciation.
It goes without saying that
interest rates, employment, job growth, government programs and numerous other national factors have a definite impact on your property's worth.
But the most significant factors that decide your house's value depend on the local Ocala economy and residential market.
Access to services - Proximity to jobs and schools also have a major effect on most home buyers' choices.
So those areas often appreciate, or retain their value, best.
Real estate sales trends - What's the time on market? Are sellers having to discount much or offer concessions Some information can often be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
Appreciation history - Have home prices gone up or down over the last 5-10 years? Is the area thought to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair mixture of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
Each of these items plays a part.