Over time, the worth of a home will fluctuate up and down.
Over a long enough period of time, house values normally appreciate.
But, of course, in real estate there are no "sure things".
When your property appreciates you have more resources to borrow against, and you'll produce a better profit when you sell.
Property values in Troy fluctuate for many different reasons, so how will you be sure what you're buying right now won't depreciate the day after you close?
Choosing a real estate agent in Troy who understands the factors that drive local prices is the most important aspect to consider.
What is the top factor affecting real estate appreciation? Many assume that it's the economy.
there are some factors on a national level that adjust your house's value: unemployment, interest rates, consumer confidence, and more.
However, your home's value and the features that play the most significant role in its appreciation are particular to the local Troy economy and housing market.
Location in a community - Many consumers decide to live in regions with the most useful amenities for families to grow, like a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these areas consistently appreciate the best.
Recent sales - Your REALTOR® should give you information on the recent home sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have home prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mixture of business in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
All these play a part.