Home values are constantly moving up and down.
Property values appreciate in the long term typically.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have more equity to borrow against, and you'll create a bigger profit when you sell.
Property values in Troy fluctuate for numerous reasons, so how can you be sure what you're buying presently won't depreciate the day after you close?
It's critical that you go with a real estate agent in Troy who can identify the factors that drive local prices.
Many think that the economy is the most crucial factor affecting real estate appreciation.
there are quite a few factors on a national level that affect your home's value: unemployment, interest rates, inflation, and more.
But the most important issues that decide your property's value depend on the local Troy economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So these communities often appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should give you stats on the recent home sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the past 5 to 10 years? Is the area thought to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good blend of job types in an area, or does it count on just one industry?
Each of these things plays a role.