Understanding Troy home prices

Home prices are constantly moving up and down. Over a long enough period of time, house values almost always appreciate. But, of course, there are no guarantees in real estate.

When your home appreciates you have a greater asset to borrow against, and you'll produce a better profit when you sell. But how can you be sure what you're buying this year will appreciate over time? Property values in Troy shift for many different reasons. Choosing an agent in Troy who recognizes the factors that influence local prices is the most important element to consider.

What is the most critical factor affecting real estate appreciation? Many believe that it's the economy. Clearly, there are several factors on a national level that change your house's value: unemployment, interest rates, business growth, and more. But the most important things that determine your house's value depend on the local Troy economy and housing market.

Let Big Bear Real Estate help you with your first home purchase in Troy Access to services - Proximity to work and schools also have a major influence on most home buyers' decisions. So those areas usually appreciate, or carry their value, best.

Trends in home sales - How quickly are houses selling? Are sellers needing to discount much or offer concessions A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.

Appreciation history - Have property prices gone up or down over the last 5 to 10 years? Is the area believed to be desirable because of its location or affordability?

Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good mix of job types in an area, or does it rely on just one industry? All these play a role.

It's smart to be informed about the factors that affect your home's value. Get an estimation of your property's value here. Call me at 802-744-6844 or e-mail me if you have any questions at all. I'd love to hear from you.

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