Over time, the value of a piece of real estate will fluctuate up and down.
Home values appreciate in the long term for the most part.
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 produce a better profit when you sell.
But how will you be sure what you're purchasing today will appreciate over time? Property values in DuBois vary for many different reasons.
Choosing a REALTOR® in DuBois who can identify the factors that influence local prices is the most important factor to consider.
The economy is thought to be the biggest factor affecting real estate appreciation.
After all,
there are many issues on a national level that influence your home's value: unemployment, interest rates, business growth, and more.
But the most significant things that determine your home's value are particular to the local DuBois economy and housing market.
Access to services - Many of us decide to live in areas with the most helpful components for families to grow, like a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these communities consistently appreciate the best.
Recent sales - Your REALTOR® should give you facts and figures on the recent home sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices gone up or down over the past 5 to 10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Local economy - Is there a fair mixture of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a role.