Factors Affecting Home Prices

Real estate represents a considerable share of most homeowner’s wealth, and this is especially true for most property owners in Brunswick Crossing. There are many factors to help you learn abouthome prices; some logical, some based on economic assumptions and population concentrationwhile some are based on intangibles, like the feel of a region and opportunity for future development.

The following are some factors to consider that may affect the prices of homes for sale in Brunswick Crossing;

• Interest rates will impact the cost of monthly mortgage payments. When the rates are high there will be less demand to purchase a new home. These higher interest rates can make renting a somewhat more attractive option.

• Location of the property also fits into the equation.Homes that are closer to the Central Business District, beachor major highways tend to sell at a higher price. The area surrounding Brunswick Crossing is vast and varied. The majority of homeowners are looking for the proper mix of shopping, entertainment, schools and close proximity to their place of employment.

• A major factor on selecting your new home is your personal income. In a recession, falling incomes result in understandable hesitation to take on a mortgage payment. When the economy is thriving, homebuyers are more comfortable investing in a new home purchase.Higher economic growth results in more new home sales, increasing demand and affecting prices.

• Homes with updated kitchens, flooring and landscaping can also cause the value of the property to increase. It’s important to note that these upgrades to an existing home may not always result in a higher return on investment when the time comes to sell.

• Local legislation and property taxes may also greatly affect the price of home.Deductions

, tax credits and subsidies are some of the ways government can provide atemporary boost in the demand for real estate. Being aware of current government incentives can help you determine changes in supply and demand and identify potentially false trends. When government incentives are increased home sales will increase.

• The physical structure of the home also comes into play when considering the price of a home. Often, properties with a garage, finished basement or attached deck can result in a significant difference in pricing than those that do not have these amenities.

John Spare is the communications specialist for Advantage Homes. Advantage Homes builds and sells Frederick MD new homes and new homes in Chantilly VA at Brunswick Crossing& Melody Farms.