Real estate values are continually changing.
Over a long enough period of time, property values normally go up.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a greater asset to borrow against, and you'll see a bigger profit when you sell.
Property values go up and down for various reasons, so how do you know what you're purchasing today won't depreciate the day after you close?
The most important element to consider is that you select a REALTOR® in Texas who understands the factors that drive local prices.
What is the top factor affecting real estate appreciation? Many believe that it's the economy.
It goes without saying that
interest rates, employment, business growth, government programs and several other national factors have a measurable effect on your property's value.
But the most significant things that determine your property's value depend on the local economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So when it comes to keeping their value, these communities usually appreciate better than others.
Recent home sales - You should receive facts and figures on the recent real estate sales in the districts that you'd like to live in from your REALTOR®. You'll want to learn things like time on market and asking price versus selling price.
Appreciation history - Have property prices gone up or down over the past 5 to 10 years? Is the area thought to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mix of job types in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing?
These items play a role.
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