Property values are forever in flux.
Over a long enough period of time, property values , for the most part, go up.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a greater asset to borrow against, and you make a greater profit when you sell.
There are different reasons why property values in Troy fluctuate. So, how will you be sure what you're investing in this year will appreciate over time?
It's imperative that you pick a REALTOR® in Troy who is familiar with the factors that drive local prices.
A lot of people are convinced that the economy is the most influential factor affecting real estate appreciation.
there are several issues on a national level that influence your property's value: unemployment, interest rates, the stock market, and more.
However, your property's value and the aspects that play the biggest role in its appreciation are specific to the local Troy economy and housing market.
Access to services - Many consumers choose to live in regions with the best and most convenient amenities for households to shine, such as a close proximity to jobs and schools.
So these areas consistently appreciate, or retain their value consistently, year to year.
Trends in home sales - What's the time on market? What was the final sales amount compared to the asking price? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the last 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mix of jobs in an area, or does it depend on just one industry? Is the blend of commercial and residential zoning changing?
These items play a role.