Over time, the worth of a house will go up and down.
Home values appreciate in the long term usually.
But, of course, there are no guarantees in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you'll generate a bigger profit when you sell.
There are different reasons why property values in DuBois go up and down. So, how do you know what you're buying right now will appreciate over time?
The most important element to consider is that you go with a REALTOR® in DuBois who can identify the factors that influence local prices.
Many assume that the economy is the most influential factor impacting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and a lot of other national determinants have a definite effect on your house's worth.
However, your house's value and the factors that play the most significant role in its appreciation are specific to the local DuBois economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of buyers and will greatly influence home values.
So those areas typically appreciate, or keep their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the listing price? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have house prices gone up or down over the past 5 to 10 years? Is the community considered desirable because of its location or affordability?
Local economy - Is there a fair mix of jobs in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
Each of these factors plays a part.