Over time, the value of a property will fluctuate up and down.
Over a long enough period of time, house values generally appreciate.
But, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll produce a higher profit when you sell.
There are numerous reasons why property values in Troy vary. So, how can you be sure what you're buying today will appreciate over time?
Choosing an agent in Troy who is familiar with the factors that affect local prices is the most important aspect.
A lot of people believe that the economy is the biggest factor affecting real estate appreciation.
mortgage rates, employment, job growth, government programs and some other national determinants have a definite impact on your house's worth.
However, your property's value and the things that play the biggest role in its appreciation depend on the local Troy economy and housing market.
Location in a community - Many home buyers wish to live in areas with the most helpful characteristics for families to shine, such as a close proximity to schools and work.
So when it comes to retaining their value, these communities typically appreciate much more reliably than areas lacking key features.
Real estate sales trends - How fast are homes selling? Are sellers needing to discount much or offer concessions A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community considered desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mixture of jobs in an area, or does it depend on just one industry?
All these play a role.