Real estate prices are continually changing.
Over a long enough period of time, property values generally go up.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have a larger asset to borrow against, and you make a greater profit when you sell.
There are numerous reasons why property values in DuBois rise and fall. So, how can you be sure what you're investing in this year will appreciate over time?
Choosing a REALTOR® in DuBois who is familiar with the factors that drive local prices is the most important aspect to consider.
A lot of people assume that the economy is the most critical factor affecting real estate appreciation.
After all,
there are numerous issues on a national level that affect your home's value: unemployment, mortgage rates, the stock market, and more.
However, your property's value and the aspects 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, jobs and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So when it comes to keeping their value, these areas consistently appreciate much more reliably than areas lacking key features.
Trends in home sales - How quickly are homes selling? What was the selling price compared to the listing price? A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
Appreciation history - Have property prices gone up or down over the past 5 to 10 years? Is the community thought to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mixture of work in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
These items play a role.