Understanding Troy property appreciation
Over time, the worth of a property will go up and down.
Over a long enough period of time, property values , in most cases, appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
There are different reasons why property values in Troy change. So, how do you know what you're investing in today will appreciate over time?
The most important factor to consider is that you go with an agent in Troy who recognizes the factors that affect local prices.
Many believe that the economy is the major factor impacting real estate appreciation.
It goes without saying that
there are some issues on a national level that influence your house's value: unemployment, interest rates, the stock market, and more.
But the most influential factors that decide your house's value are particular to the local Troy economy and housing market.
Location in a community - Proximity to schools and jobs also have a huge influence on most home buyers' choices.
So those areas often appreciate, or keep their value consistently, year to year.
Real estate sales trends - What's the time on market? What was the selling price versus the listing price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice blend of work in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
All these play a part.
Knowing the factors that influence your house's financial worth is important.
Get an estimation of your property's value here
Have any questions? Please feel free to call me at 802-744-6844 or e-mail me