Home Appreciation | Carthage Home Prices
Need Some Help Understanding Why They Appreciate?
Over time, the value of a property will go up and down. House values appreciate in the long term almost always. But, of course, in real estate there are no “sure things”.
When your property appreciates you have a bigger asset to borrow against, and you’ll realize a better profit when you sell. Property values in Carthage fluctuate for many different reasons, so how will you be sure what you’re buying now won’t depreciate the day after you close? The most important factor to consider is that you pick a real estate agent in Carthage who can identify the factors that influence local prices.
A lot of people assume that the economy is the most crucial factor affecting real estate appreciation. Naturally, there are many factors on a national level that influence your home’s value: unemployment, interest rates, quarterly earnings reports, and more. However, your home’s value and the elements that play the biggest role in its appreciation are specific to the local Carthage economy and housing market.
Let Charles Burt Homefolks help you with your first home purchase in CarthageLocation in a community – Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values. So when it comes to holding their value, these areas typically appreciate better than others.
Recent sales – Your REALTOR® should give you reports on the recent home sales in the areas that you’re interested in. You’ll want to know average time on market, selling versus listing price and more.
Appreciation history – Have house prices gone up or down over the past 5-10 years? Is the community thought to be desirable because of its location or affordability?
Economic factors – Have businesses moved into or away from an area? Are local companies hiring? Is there a nice combination of business in an area, or does it depend on just one industry? Each of these elements plays a role.
Knowing the factors that play into your property’s value is important. Click here to get an assessment of your property’s value. Call me at (417) 358-6088 or e-mail me if you have any questions at all. I’d love to hear from you.
Questions? We’d love to help.