Over time, the value of a piece of real estate will go up and down.
Generally, home values appreciate in the long term.
But there is always a certain amount of risk in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll see a better profit when you sell.
There are many different reasons why property values in DuBois waver. So, how can you be sure what you're buying presently will appreciate over time?
Choosing a REALTOR® in DuBois who knows the factors that drive local prices is the most important thing to consider.
Many guess that the economy is the top factor impacting real estate appreciation.
there are some issues on a national level that change your home's value: unemployment, interest rates, business growth, and more.
However, your property'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, jobs and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So when it comes to keeping their value, these communities often appreciate better than others.
Recent sales - Your agent should give you facts and figures on the recent home sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices gone up or down over the past 5-10 years? Is the area believed 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 nice blend of work in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
Each of these pieces plays a role.