Property prices are continually changing.
Over a long enough period of time, property values usually appreciate.
But there are no "sure things" in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell.
There are numerous reasons why property values in Naples change. So, how will you know what you're buying now will appreciate over time?
Choosing a REALTOR® in Naples who knows the factors that drive local prices is the most important factor to consider.
The economy is assumed to be the most important factor impacting real estate appreciation.
mortgage rates, employment, job growth, government programs and quite a few other national determinants have a noticeable effect on your property's worth.
But the most important things that determine your property's value are specific to the local Naples economy and residential market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So those regions usually appreciate, or keep their value consistently, year to year.
The latest home sales - What's the time on market? What was the final sales amount compared to the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have house prices increased or decreased over the past 5-10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good combination of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
Each of these factors plays a role.