What causes Cypress home prices to fluctuate?
Over time, the worth of a house will go up and down. House values appreciate in the long term in most cases. But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a greater asset to borrow against, and you'll see a bigger profit when you sell. Property values in Cypress move up and down for a variety of reasons, so how will you know what you're buying today won't depreciate the day after you close? The most important thing to consider is that you choose a real estate agent in Cypress who understands the factors that drive local prices.
The economy is thought to be the top factor affecting real estate appreciation. Clearly, there are many factors on a national level that influence your house's value: unemployment, mortgage rates, consumer confidence, and more. However, your house's value and the things that play the biggest role in its appreciation depend on the local Cypress economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values. So these areas usually appreciate, or carry their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have property prices gone up or down over the last 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mixture of business in an area, or does it depend on just one industry? These items play a role.