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What drives property values in Lafayette to move up and down?
Over time, the value of a property will go up and down.
Over a long enough period of time, house values usually appreciate.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell.
Property values in Lafayette vary for different reasons, so how will you be sure what you're buying presently won't depreciate the day after you close?
It's imperative that you go with a REALTOR® in Lafayette who knows the factors that drive local prices.
The economy is believed to be the greatest factor impacting real estate appreciation.
After all,
there are many factors on a national level that influence your house's value: unemployment, interest rates, the stock market, and more.
However, your property's value and the features that play the most significant role in its appreciation are particular to the local Lafayette economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So when it comes to holding their value, these areas generally appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should give you information on the recent real estate sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is believed to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mix of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
These items play a part.
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It's vital to understand the factors that affect your property's price.
Click here to get an assessment of your home's value.
Call me at 337 258 4073 or e-mail me if you have any questions at all. I'd love to hear from you.
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Van Eaton & Romero Inc 6 De Gaulle Sq Lafayette, LA 70508
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