Over time, the value of a house will go up and down.
Over a long enough period of time, property values typically appreciate.
But, of course, there are no guarantees in real estate.
When your home appreciates you have more resources to borrow against, and you'll make a bigger profit when you sell.
Property values in Troy shift for many different reasons, so how do you know what you're investing in now won't depreciate the day after you close?
The most important aspect to consider is that you select a REALTOR® in Troy who understands the factors that influence local prices.
Many believe that the economy is the most influential factor affecting real estate appreciation.
there are several issues on a national level that impact your home's value: unemployment, mortgage rates, inflation, and more.
However, your home's value and the things that play the biggest role in its appreciation are specific to the local Troy economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a significant influence on almost all home buyers' choices.
So those regions typically appreciate, or retain their value consistently, year to year.
Recent sales - Your real estate agent should give you statistics on the recent real estate sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have property prices gone up or down over the last 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good mix of jobs in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
These items play a part.