What drives property values in Troy to move up and down?
Over time, the value of a home will fluctuate up and down.
Over a long enough period of time, home values , for the most part, go up.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have more resources to borrow against, and you'll realize a larger profit when you sell.
There is a variety of reasons why property values in Troy move up and down. So, how can you be sure what you're investing in today will appreciate over time?
Choosing a REALTOR® in Troy who can identify the factors that affect local prices is the most important element.
The economy is believed to be the most crucial factor impacting real estate appreciation.
there are a handful of issues on a national level that impact your home's value: unemployment, interest rates, the stock market, and more.
But the most influential issues that decide your house's value depend on the local Troy economy and housing market.
Location in a community - Many home buyers prefer to live in areas with the most conducive factors for homes to succeed, like a close proximity to jobs and schools.
So when it comes to keeping their value, these areas typically appreciate better than others.
Recent sales - Your REALTOR® should give you stats on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is considered?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mixture of business in an area, or does it rely upon just one industry?
These items play a part.
It's smart to understand the factors that impact your house's financial worth.
Visit this link
for an assessment of your home's value.
Have any questions? Please feel free to call me at 802-744-6844 or e-mail me