Over time, the worth of a home will go up and down.
Over a long enough period of time, home values , for the most part, go up.
But, of course, in real estate there are no guarantees.
When your home appreciates you have a larger asset to borrow against, and you get a higher profit when you sell.
But how can you be sure what you're buying right now will appreciate over time? Property values in Clayton waver for numerous reasons.
It's critical that you pick a REALTOR® in Clayton who can identify the factors that influence local prices.
Many assume that the economy is the most critical factor affecting real estate appreciation.
It goes without saying that
mortgage rates, unemployment, business growth, government programs and several other national determinants have a definite effect on your home's worth.
However, your house's value and the components that play the biggest role in its appreciation are specific to the local Clayton economy and housing market.
Location in a community - Proximity to work and schools also have a major impact on many home buyers' choices.
So these communities often appreciate, or keep their value, best.
Recent sales - Your agent should give you statistics on the recent real estate sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
Local economy - Is there a fair mix 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?
These items play a role.
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