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Predicting Your Homeís Appreciation
Itís More About Trends Than Clairvoyance
When it comes to your finances, predictability would be the equivalent of a dream come true. Knowing the amount of money you'd earn, spend, and save over any given amount of time would be useful to say the least. Think about how that information would positively influence your financial decisions and, in turn, bring you complete peace of mind. The good news is this type of predictability is possible, especially when you're talking about the earning potential of a home's equity.
Over the last ten years, the world of real estate has been an exciting one. The corresponding booms have been unprecedented in terms of low interest rates, the number of homes purchased, and overall appreciation in home values. The current sticker price on homes in major cities may be a shock to the system, but you may be even more surprised to learn how well some of the smaller markets have fared.
We've seen a few scenarios develop as a result of the overall growth in the real estate market. One is that homeowners in larger cities are purchasing smaller market homes not only as investments but for future retirement living. Another is longtime homeowners with major equity are cashing out of their home in the city and exchanging the shorter drive to work for a bigger house. And a third trend worth noting is that first-time homeowners are carefully seeking out purchase areas based on specific features as well as affordability. If there is one thing all of these people have in common, it's a greater need to know that they are making the right decision.
Fortunately for all of us, accompanying the booms has been a lot of research as to why, when, and where they take place. This research has shown several societal trends which have had a positive impact on the appreciation of homes in certain areas. If for any reason you, a family member, or someone you know is considering relocating to another city or state, purchasing investment property, or simply buying outside of their comfort zone, here are some things to consider when making such a decision.
The Rolling Boom
West Palm Beach, a city experiencing a big boom, has reached a median home price of over $390,000. North of West Palm Beach is Port St. Lucie, a city with a median home price of $254,000. Port St. Lucie actually ranks slightly higher than WPB on the job growth chart but is just now starting to boom. It's safe to say that Port St. Lucie is experiencing positive fallout from its booming big city neighbor to the south.
Schools and Demographics
With demographics, it's a numbers game. Baby Boomers, this nation's largest generation, bought a lot of homes in the 1980s. They've now hit their peak earning years and are either trading up or purchasing vacation homes and investment properties in other locations. The children of the Baby Boomers are now preparing to make their mark, especially in the area of starter homes. Don't be surprised if prices of homes start rising in cities with a large Generation Y demographic.
While predicting a home's appreciation is never a sure thing, the aforementioned trends may be used as strong indicators. When buying a home in a new city, it's important to do your research, both on the Internet and through your real estate agent and mortgage professional. By examining these trends as they pertain to the cities you're considering, you'll be better able to make the right decision. The bottom line is that all of these trends are indicative of other, very positive characteristics. If you don't end up buying in an area that eventually booms, at least you'll wind up in a great city.
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