If the Nevada County real estate you are looking to buy is going to be your primary residence, you probably know the features that are important to you. However, in today's economic environment, the resale, or investment value, of Nevada County real estate is as important as the practical value of the number of bedrooms or bathrooms and the size of the kitchen.
In the past, a home buyer rarely worried about the resale value of a property because homes were always considered good financial investments. With today’s fluctuating home prices, property values are as important for home buyers to understand as they are for real estate investors to understand.
Location and Property Values
Before the housing and mortgage crisis, even if the home that suited you was not in a prime location, it would likely increase in value over time. Now, you want to be sure you research a potential home before purchasing it to be sure:
1. The home is in a great neighborhood.
2. It’s at the lower end of the market value for that neighborhood.
If you buy a home in a neighborhood that is already considered a lower value area, it’s possible that those prices will not recover as quickly as better areas. Or worse, home values could decline more leaving you with a home worth less than what you paid for it.
Now more than ever, it’s important to work with a real estate agent who specializes in the neighborhood where you’d like to live. As a specialist in Nevada County real estate, I can give you the insider’s scoop on that neighborhood. Contact me today at 530-913-2019 or email me at Teresaprock@hotmail.com. Visit my web site Teresaprock.com for helpful tools and information regarding Nevada County real estate!
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