Over time, the value of a piece of real estate will go up and down.
For the most part, house values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a more valuable asset to borrow against, and you get a higher profit when you sell.
There is a variety of reasons why property values in Troy go up and down. So, how will you be sure what you're investing in right now will appreciate over time?
It's important that you pick an agent in Troy who can identify the factors that influence local prices.
A lot of people think that the economy is the most critical factor affecting real estate appreciation.
there are many factors on a national level that impact your house's value: unemployment, interest rates, consumer confidence, and more.
But the most influential factors that determine your property's value depend on the local Troy economy and residential market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values.
So those communities often appreciate, or keep their value consistently, year to year.
Recent sales - Your real estate agent should provide you with statistics on the recent home sales in the neighborhoods 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 community considered desirable because of its location or affordability?
Local economy - Is there a nice blend of jobs in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a role.