Over time, the value of a property will go up and down.
Typically, house values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have more resources to borrow against, and you'll create a bigger profit when you sell.
There are many different reasons why property values in DuBois change. So, how do you know what you're buying now will appreciate over time?
It's important that you go with a real estate agent in DuBois who understands the factors that drive local prices.
Many guess that the economy is the number one factor impacting real estate appreciation.
there are several issues on a national level that alter your house's value: unemployment, interest rates, inflation, and more.
But the most important things that determine your house's value are specific to the local DuBois economy and housing market.
Location in a community - Proximity to jobs and schools also have a major influence on most home buyers' decisions.
So when it comes to retaining their value, these regions consistently appreciate the best.
Real estate sales trends - How quickly are houses selling? What was the final sales amount versus the listing price? Some information can often be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mixture of work in an area, or does it depend on just one industry?
These items play a role.