Over time, the value of a home will fluctuate up and down.
Usually, property values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have more resources to borrow against, and you'll realize a better profit when you sell.
There are numerous reasons why property values in Troy vary. So, how do you know what you're buying this year will appreciate over time?
It's imperative that you choose a real estate agent in Troy who understands the factors that drive local prices.
Many believe that the economy is the most important factor affecting real estate appreciation.
It goes without saying that
there are a handful of issues on a national level that affect your home's value: unemployment, interest rates, inflation, and more.
But the most significant issues that figure your property's value are particular to the local Troy economy and residential market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values.
So when it comes to keeping their value, these areas consistently appreciate better than others.
The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have home prices risen or declined over the last 5 to 10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good blend of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing?
Each of these factors plays a part.