Real estate prices are constantly moving up and down.
Normally, house values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a bigger asset to borrow against, and you'll generate a better profit when you sell.
Property values in Highland Lakes area vary for different reasons, so how will you be sure what you're investing in today won't depreciate the day after you close?
The most important thing to consider is that you go with an agent in Highland Lakes area who recognizes the factors that drive local prices.
Many assume that the economy is the major factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and a lot of other national factors have a noticeable effect on your property's value.
But the most important issues that decide your home's value are specific to the local Highland Lakes area economy and housing market.
Location in a community - Many consumers choose to live in areas with the best and most convenient traits for homes to succeed, like a close proximity to schools and work.
So these communities usually appreciate, or keep their value consistently, year to year.
Recent sales - Your real estate agent 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 home prices risen or declined over the last 5 to 10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a good blend of job types in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a part.