Fluctuating home prices in Allen, Celina, Fairview, Frisco, Lovejoy ISD, Lucas, McKinney, Parker, Plano, Prosper, Wylie, Texas: What causes this?Home prices are forever in flux. By and large, property values appreciate in the long term. But, of course, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll create a larger profit when you sell. But how can you be sure what you're purchasing today will appreciate over time? Property values in the Collin County and North Texas areas such as Allen, Celina, Fairview, Frisco, Lucas, McKinney, North Dallas, Parker, Plano, Prosper, Richardson and Wylie, move up and down for numerous reasons. Choosing the right REALTOR® and Broker Specialist such as Jeanie Elliott ,ABR, SFR, ALHS, SRES, CHMS, TAHS, and Broker/Owner of Jeanie Elliott REALTORS, who specializes in these areas and who is familiar with the factors that influence local prices is the most important part.
Many are convinced that the economy is the most critical factor affecting real estate appreciation. Obviously, there are a lot of issues on a national level that affect your house's value: unemployment, mortgage rates, business growth, job market, and more. But the most significant factors that decide your house's value are specific to the local economy in each of these specific areas (Allen, Celina, Fairview, Frisco, Lovejoy ISD, Lucas, McKinney, North Dallas, Parker, Plano, Prosper, Richardson, Wylie) and those residential markets in each of these areas can vary dramatically or may be very similar depending on many factors.
Location in a community - People typically want homes in the regions with the most accommodating amenities, like the best schools and school districts with the highest TEA Ratings By the Texas Education Agencies; and where there there are the strongest job markets. The areas which offer these advantages consistently appreciate, or hold their values more consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What were the final sales amounts compared to the listing prices? Did the listing prices have to be reduced several times before they sold? How many sales over the last month, ninety days, six month period, and over the last year. A lot of data can often be obtained from public records, but an experienced full-time REALTOR with access to the local MLS will usually be able to provide a more complete picture of which areas and school districts have the most favorable real estate sales trends and factors that will give a true picture if the values in the area are declining or increasing.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? How many properties in the area have sold over the last 6 months and over the last year? Have home prices gone up or down over the last 5 to 10 years? What have prices done there in the last 12 to 24 months? How have short sales and foreclosures affected the area, and how many sales were short sales or foreclosed properties over the last 3, 6, and 12 month period. What percentage of the sales were to investors and what percentage of the sales were to individuals that were owner-occupying these properties?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mix of work in an area, or does it rely on just one industry? These items play a part. These factors and others will help to determine if the area(s) you are considering for a real estate purchase is appreciating or values are declining, and if the rate is modest or significant. The right REALTOR can help you make the best decision of when is the best time to sell your existing properties or move forward with another home purchase and which areas are the most favorable for your needs and financial situation.
Call Jeanie Elliott of Jeanie Elliott REALTORS, for experienced home selling and home buying services and to help you make the right decisions. Ms. Elliott is a CHMS, Certified Home Marketing Specialist and offers her seller clients specialized "home staging" services at no additional chage and expertise in pricing her listings for today's real estate market by "Pricing The House For Success" according to course author, Martha Webb. She uses the CHMS, Certified Home Marketing Specialist in-depth training, knowledge and system to guide her clients to position their properties to compete in today's real estate market, as well as her over 30 years local real estate experience in listing, selling and closing over 3,500 residential real estate transactions in the market areas where she works which include Allen, Celina, Fairview, Frisco, Lavon, Lovejoy ISD, Lucas, McKinney, Murphy, North Dallas, Parker, Plano, Prosper, Richardson, Wylie & other surrounding areas of Collin County, Dallas and North Texas.
Jeanie Elliott, CHMS, ALHS, SRES, SFR, ABR, M.S. Business, Broker/Owner, REALTOR
Jeanie Elliott REALTORS, Collin County Real Estate Specialist Since 1980
|It's worthwhile to understand the factors that affect your home's worth. Get an estimation of your house's value here. And if you have any questions, call me at 972-612-2277 (Direct) or e-mail me .|