What causes home prices to fluctuate?
Over time, the value of a house will fluctuate up and down.
Over a long enough period of time, property values , for the most part, appreciate.
But, of course, there are no guarantees in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll realize a higher profit when you sell.
Property values waver for many different reasons, so how do you know what you're purchasing this year won't depreciate the day after you close?
It's critical that you go with a real estate agent in upstate New York who knows the factors that drive local prices.
A lot of people assume that the economy is the top factor impacting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and a lot of other national determinants have a measurable influence on your house's worth.
However, your property's value and the features that play the biggest role in its appreciation are specific to the local economy and housing market.
Location in a community - Proximity to jobs and schools also have a great impact on all home buyers' choices.
So when it comes to holding their value, these areas consistently appreciate better than others.
Real estate sales trends - How long do homes typically stay on the market? Are sellers having to discount much or offer concessions A lot of data can often be obtained 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 house prices risen or declined over the last 5 to 10 years? Is the community thought to be desirable because of its location or affordability?
Local economy - Is there a fair mixture of jobs in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a part.
It's smart to know the factors that play into your home's market price.
to receive an assessment of your house's value.
Call us at 518-673-2820/ 518- or e-mail us
if you have any questions at all. We'd love to hear from you.