Real estate values are continually changing.
Home values appreciate in the long term usually.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have more equity to borrow against, and you'll realize a better profit when you sell.
There is a variety of reasons why property values in Highland Lakes area go up and down. So, how do you know what you're investing in today will appreciate over time?
The most important factor is that you select a REALTOR® in Highland Lakes area who recognizes the factors that drive local prices.
A lot of people guess that the economy is the most influential factor impacting real estate appreciation.
there are several issues on a national level that adjust your house's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your home's value and the components that play the most significant role in its appreciation are specific to the local Highland Lakes area economy and housing market.
Location in a community - Proximity to work and schools also have a great effect on all home buyers' choices.
So when it comes to keeping their value, these areas typically appreciate the best.
Prior home sales - What's the time on market? Are sellers having to discount much? 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.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have house prices increased or decreased over the last 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good combination of jobs in an area, or does it count on just one industry? Is the mix of commercial and residential development changing?
All these play a role.