Local Knowledge is Buying Power

by | May 8, 2012 | Blog, Buying a Home, First Time Buyer tips | 0 comments

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If you’re considering buying a home, you’ve probably been wondering, “how is the economy affecting property values?”  So while you may be paying a bit more attention to national news, it’s even more valuable to take time and learn about the local market.

 

Population Growth

Knowing how the community is developing will give you a better sense of a property’s long-term worth. Remember, real estate is all about location (link to the blog on location). If neighborhoods are growing, you can be sure the area’s economy will follow. Your Denver real estate agent should have an idea about the move-in and move-out percentages of the locations you’re scouting for a home.

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Business Development

If an area is only depending on a handful of major employers, there’s a higher risk of economic decline in the near future. So when choosing a home, learn how the small businesses are thriving. An active, local economy actually helps prevent foreclosures. If this information is not readily available, your Denver real estate agent can help.

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Renters vs. Owners

Experts say an area with more renters than owners often has higher insurance rates. Meaning properties will also have a lower resale value. In years to come when you’re selling the home, it may be difficult to get a return on your investment.

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So while you’re on the hunt, ask your Denver real estate agent more about the financial stability of the communities.  Knowing where local markets are growing will not only help you narrow down your property search, but provide you more peace of mind through the years.

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Want to discover the best areas for home buyers in Denver?

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Check out  RE/Max of Cherry Creek’s blog.

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Resource:   http://www.homesandland.com/real_estate_tips/Seasonal_Fluctuations.html

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