Real estate values are constantly moving up and down.
Home values appreciate in the long term typically.
But there are no "sure things" in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll make a greater profit when you sell.
But how will you know what you're investing in today will appreciate over time? Property values in Troy move up and down for a variety of reasons.
Choosing an agent in Troy who knows the factors that influence local prices is the most important aspect to consider.
What is the most critical factor affecting real estate appreciation? Many guess that it's the economy.
It goes without saying that
there are several issues on a national level that change your home's value: unemployment, interest rates, business growth, and more.
But the most influential issues that figure your property's value are specific to the local Troy economy and housing market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So these regions usually appreciate, or carry their value consistently, year to year.
Recent sales - Your real estate agent should give you data on the recent real estate sales in the areas 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 past 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mixture of work in an area, or does it count on just one industry?
All these play a part.