Real estate values are forever in flux.
By and large, house values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your home appreciates you have a larger asset to borrow against, and you make a greater profit when you sell.
But how can you be sure what you're purchasing today will appreciate over time? Property values in Highland Lakes area move up and down for a variety of reasons.
Choosing an agent in Highland Lakes area who knows the factors that influence local prices is the most important element.
Many believe that the economy is the most important factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and quite a few other national factors have a measurable impact on your house's value.
However, your property's value and the aspects that play the biggest role in its appreciation are particular to the local Highland Lakes area economy and housing market.
Access to services - Most people want homes in the regions with the most convenient amenities, such as our work and schools.
So those areas usually appreciate, or retain their value, best.
Real estate sales trends - What's the time on market? What was the final sales amount versus the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have property prices gone up or down over the last 5 to 10 years? Is the neighborhood considered 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 fair combination of job types in an area, or does it depend on just one industry?
All these play a part.