Property values are continually changing.
House values appreciate in the long term normally.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have a greater asset to borrow against, and you make a greater profit when you sell.
But how can you be sure what you're purchasing now will appreciate over time? Property values in DuBois fluctuate for numerous reasons.
The most important element is that you go with a REALTOR® in DuBois who can identify the factors that drive local prices.
A lot of people think that the economy is the top factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and a lot of other national factors have a noticeable impact on your home's worth.
However, your home's value and the elements that play the most significant role in its appreciation depend on the local DuBois economy and housing market.
Access to services - Most people want homes in the districts with the easiest access to places we go often or everyday, such as our work and schools.
So these communities generally appreciate, or keep their value consistently, year to year.
Prior home sales - How fast are houses selling? Are sellers needing to discount much? Some information can often be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the neighborhood is considered?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair combination of business in an area, or does it count on just one industry?
All these play a part.