Yes, It’s a pretty well-known fact that – with market trends affect the property value directly. The property value of the real estate property keeps on varying. Only. the experts like property valuer Brisbane evaluates the right value of properties. Market trends are dependent on certain factors one of them is – Economy, if any changes found in the Economy, then it puts a direct impact on the real estate property value.
Thus you need an expert’s advice to know the actual market value of the property. Whether you own residential property or commercial property, expert property valuers will evaluate the exact value of the property. The right knowledge of current market trends, updated knowledge of property sales and economy puts an impact on the value of the property.
Here we are listing down the factors which affect the property value or prices –
Supply and demand of the property – The supply and demand are indirectly proportional to each other. If the supply of the property is high then demand gets low and prices will fall automatically. In converse, If demand increases faster than supply then prices will go up. Thus supply and demand set the market trend which puts an impact on the property.
Location – Location is the foremost important factor in real estate. Properties in the center of the city, near beaches, which have proximity to transport and basic facilities like hospitals, schools, and offices tend to have high value than the properties in outskirts and undeveloped area. For prime location, people are ready to pay more money as the demand for the properties there and high.
Interest rates – If home loan interest rates are low, the people are more likely to buy homes which increases the demand for the property in the market. But when interest rates are high, people have to pay as more mortgage monthly repayments which put a direct impact on the affordability of the property.
Impact of Economy – Growth in economy brings direct impact on the people’s lifestyle and standard of living as their income rises which helps them in buying new properties which increase the demand of the property in the market and ultimately increases the prices of property. Thus the economy plays a vital role in real estate property market value.
Land and home size – Size of the property, land matter a lot. Bigger the size of the property, the higher the price will be. Even facilities can also bring variations in property value. Two similar property prices may vary, if one is having an extra bathroom than it’s value will be higher than the other.
Property value is completed dependent on certain factors which change with time. Thus expert property valuers Brisbane suggest to have property assessment by experienced and certified property valuer.
Even after three months of valuation, the property valuation report is of no use. One must get the valuation of property again after three months as property value vary.