Over time, the worth of a home will fluctuate up and down.
Over a long enough period of time, property values typically appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more equity to borrow against, and you'll see a higher profit when you sell.
Property values in Troy change for a variety of reasons, so how will you know what you're investing in this year won't depreciate the day after you close?
It's imperative that you go with a REALTOR® in Troy who recognizes the factors that influence local prices.
The economy is thought to be the biggest factor impacting real estate appreciation.
It goes without saying that
there are some factors on a national level that affect your house's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most significant issues that determine your home's value are specific to the local Troy 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 many 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 reports on the recent home sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the community is believed to be?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good combination of jobs in an area, or does it count on just one industry?
All these play a part.