Understanding Hickory property appreciation
Over time, the worth of a piece of real estate will go up and down.
House values appreciate in the long term in most cases.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have more resources to borrow against, and you'll make a greater profit when you sell.
There are various reasons why property values in Hickory move up and down. So, how can you be sure what you're investing in now will appreciate over time?
Choosing an agent in Hickory who recognizes the factors that drive local prices is the most important factor.
Many believe that the economy is the number one factor affecting real estate appreciation.
It goes without saying that
there are a handful of factors on a national level that affect your house's value: unemployment, interest rates, business growth, and more.
But the most influential things that decide your house's value depend on the local Hickory economy and residential market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of buyers and will greatly influence home values.
So when it comes to retaining their value, these communities generally appreciate the best.
Recent sales - Your real estate agent should provide you with stats on the recent real estate 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.
The appreciation history - Is the area considered desirable because of its location or affordability? Have house prices risen or declined over the last 5-10 years?
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 companies hiring?
Each of these factors plays a part.
It's important to understand the factors that play into your house's worth.
Click here to receive an assessment of your property's value.
Have any questions? Please feel free to call me at 828-612-2757 or e-mail me.