Over time, the worth of a home will fluctuate up and down.
Over a long enough period of time, house values generally appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a larger asset to borrow against, and you get a better profit when you sell.
Property values change for numerous reasons, so how can you be sure what you're investing in now won't depreciate the day after you close?
Choosing an agent who is familiar with the factors that influence local prices is the most important factor.
What is the most important factor impacting real estate appreciation? Many believe that it's the economy.
Naturally,
mortgage rates, employment, job growth, government programs and quite a few other national determinants have a definite effect on your property's worth.
However, your home's value and the elements that play the biggest role in its appreciation depend on the local Albemarle economy and housing market.
Location in a community - Most people want homes in the districts with the most useful features, like our schools and work.
So those regions consistently appreciate, or carry their value, best.
Recent sales - Your REALTOR® should provide you with facts and figures on the recent home sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have home prices increased or decreased? Does location or affordability affect how desirable the community is believed to be?
Local economy - Is there a fair mix of work in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these items plays a part.