Property prices are constantly moving up and down.
Home values appreciate in the long term normally.
But there are no guarantees in real estate, of course.
When your property appreciates you have a larger asset to borrow against, and you'll generate a bigger profit when you sell.
There are numerous reasons why property values in Concord fluctuate. So, how do you know what you're buying this year will appreciate over time?
Choosing an agent in Concord who understands the factors that drive local prices is the most important element to consider.
A lot of people guess that the economy is the greatest factor affecting real estate appreciation.
It goes without saying that
mortgage rates, employment, job growth, government programs and quite a few other national determinants have a measurable impact on your house's value.
But the most important issues that figure your home's value depend on the local Concord economy and residential market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values.
So when it comes to keeping their value, these communities often appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive reports on the recent real estate sales in the areas that you're interested in from your REALTOR®. You'll need to know things like how long a house stays on the market and listing price versus selling price.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair mix of jobs in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
All these play a part.
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