Understanding property appreciation in Drums
Home values are continually changing.
Over a long enough period of time, home values , for the most part, appreciate.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a more valuable asset to borrow against, and you'll realize a greater profit when you sell.
There is a variety of reasons why property values in Drums waver. So, how will you be sure what you're buying today will appreciate over time?
The most important element to consider is that you pick an agent in Drums who can identify the factors that affect local prices.
The economy is thought to be the greatest factor impacting real estate appreciation.
It goes without saying that
there are many factors on a national level that affect your home's value: unemployment, mortgage rates, business growth, and more.
But the most significant factors that decide your property's value are particular to the local Drums economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these areas often appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should provide you with figures on the recent real estate sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have house prices gone up or down over the past 5 to 10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good mix of work in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
Each of these items plays a part.
It's important to know the factors that affect your property's price.
Get an assessment of your home's value here
And if you have any questions, call me at 5704590779 or e-mail me