Over time, the value of a property will go up and down.
Over a long enough period of time, property values typically go up.
But, in real estate there are no guarantees.
When your property appreciates you have a larger asset to borrow against, and you'll produce a higher profit when you sell.
There are different reasons why property values in DuBois shift. So, how do you know what you're buying right now will appreciate over time?
The most important factor is that you choose an agent in DuBois who is familiar with the factors that influence local prices.
Many guess that the economy is the most critical factor affecting real estate appreciation.
Naturally,
interest rates, unemployment, business growth, government programs and quite a few other national factors have a noticeable impact on your house's worth.
However, your property's value and the aspects that play the biggest role in its appreciation are specific to the local DuBois economy and housing market.
Access to services - Many home buyers decide to live in areas with the most helpful elements for families to succeed, such as a close proximity to schools, jobs, and work.
So these areas consistently appreciate, or retain their value consistently, year to year.
Prior home sales - How quickly are homes selling? What was the final sales amount compared to the listing price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices gone up or down over the last 5 to 10 years? Is the neighborhood considered desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good combination of job types in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
Each of these factors plays a role.