Over time, the value of a property will fluctuate up and down.
For the most part, property values appreciate in the long term.
But there are no guarantees in real estate.
When your home appreciates you have a greater asset to borrow against, and you'll realize a larger profit when you sell.
There are many different reasons why property values in DuBois go up and down. So, how do you know what you're investing in now will appreciate over time?
Choosing a real estate agent in DuBois who is familiar with the factors that affect local prices is the most important thing to consider.
Many believe that the economy is the most important factor affecting real estate appreciation.
It goes without saying that
there are some factors on a national level that influence your house's value: unemployment, mortgage rates, the stock market, and more.
However, your home's value and the features that play the most significant role in its appreciation are specific to the local DuBois economy and housing market.
Location in a community - People typically want homes in the regions with the most useful places we go often or everyday, like our schools and jobs.
So when it comes to holding their value, these communities generally appreciate the best.
Recent sales - Your agent should give you facts and figures on the recent home sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices increased or decreased over the last 5 to 10 years? Is the area considered desirable because of its location or affordability?
Local economy - Is there a nice combination of business in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these factors plays a part.