Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, property values typically appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you'll realize a higher profit when you sell.
But how can you be sure what you're purchasing right now will appreciate over time? Property values in DuBois rise and fall for various reasons.
It's imperative that you select a real estate agent in DuBois who recognizes the factors that affect local prices.
Many guess that the economy is the major factor affecting real estate appreciation.
there are some factors on a national level that affect your property's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most important things that determine your property's value are particular to the local DuBois economy and residential market.
Access to services - Proximity to jobs and schools also have a huge influence on most home buyers' decisions.
So these communities often appreciate, or keep their value, best.
Real estate sales trends - How fast are homes selling? What was the selling price versus the asking price? A lot of data can be obtained from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have house prices increased or decreased over the past 5 to 10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mix of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
These items play a role.