Real estate prices are continually changing.
By and large, home values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll generate a bigger profit when you sell.
Property values in Troy go up and down for different reasons, so how do you know what you're buying today won't depreciate the day after you close?
Choosing a REALTOR® in Troy who is familiar with the factors that drive local prices is the most important thing to consider.
The economy is assumed to be the top factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and some other national determinants have a noticeable influence on your property's worth.
But the most influential factors that figure your house's value depend on the local Troy economy and housing market.
Access to services - Most people want homes in the districts with the most useful places we go often or everyday, like our schools and jobs.
So those regions often appreciate, or hold their value, best.
The latest home sales - You should receive data on the recent real estate sales in the neighborhoods that you're asking about from your agent. You'll want to learn data like time on market and seller discounts.
History of appreciation - In the past 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy - Is there a fair mixture of job types in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a part.
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