Real estate prices are forever in flux.
By and large, house values appreciate in the long term.
But there are no guarantees in real estate.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell.
But how will you know what you're purchasing right now will appreciate over time? Property values in Troy go up and down for a variety of reasons.
It's critical that you select a REALTOR® in Troy who is familiar with the factors that affect local prices.
A lot of people guess that the economy is the most influential factor impacting real estate appreciation.
It goes without saying that
interest rates, employment, job growth, government programs and a handful of other national factors have a definite impact on your house's value.
But the most influential factors that figure your house's value are particular to the local Troy economy and housing market.
Location in a community - Many home buyers prefer to live in districts with the most conducive traits for families to shine, like a close proximity to jobs and schools.
So when it comes to retaining their value, these regions usually appreciate the best.
Recent home sales - What's the time on market? Are sellers having to discount much? A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have home prices increased or decreased over the last 5 to 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 count on just one industry?
Each of these factors plays a role.
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