Understanding Home Prices
Over time, the worth of a home will fluctuate up and down. Normally, house values appreciate in the long term. But there is always a certain amount of risk in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll produce a better profit when you sell. There are many different reasons why property values fluctuate. So, how will you know what you're investing in right now will appreciate over time? Choosing an agent who is familiar with the factors that influence local prices is one of the most important things to consider.
What is the most important factor impacting real estate appreciation? Many think that it's the economy. Clearly, interest rates, employment, job growth, government programs and a lot of other national factors have a measurable impact on your property's value. However, your house's value and the aspects that play the biggest role in its appreciation are specific to the local economy and housing market.
Access to services - Most people want homes in the districts with the most accommodating amenities, like our schools, jobs, and shopping. So these regions generally appreciate, or keep their value, best.
Recent home sales - You should receive information on the recent real estate sales in the regions that you'd like to live in from your agent. You'll need to know things like time on market and seller discounts.
History of appreciation - In the last 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair blend of business in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing? These items play a role.
It's vital to know the factors that play into your home's financial worth. Get an assessment of your property's value here
. And if you have any questions, call us at (978) 250-1900 or e-mail us