Over time, the value of a piece of real estate will fluctuate up and down.
Typically, home values appreciate in the long term.
But, in real estate there are no guarantees.
When your property appreciates you have a larger asset to borrow against, and you get a greater profit when you sell.
There are many different reasons why property values in DuBois move up and down. So, how will you know what you're investing in presently will appreciate over time?
The most important factor to consider is that you choose a real estate agent in DuBois who can identify the factors that influence local prices.
A lot of people are convinced that the economy is the most influential factor impacting real estate appreciation.
It goes without saying that
there are a lot of issues on a national level that adjust your house's value: unemployment, interest rates, consumer confidence, and more.
However, your home's value and the components that play the most significant role in its appreciation depend on the local DuBois economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So when it comes to keeping their value, these areas often appreciate better than others.
The latest home sales - How long do homes typically stay on the market? Are sellers having to discount much? Some information can often be obtained from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is considered?
Local economy - Is there a good mix of job types 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 elements plays a role.