Property values are continually changing.
Over a long enough period of time, home values normally appreciate.
But, of course, there are no guarantees in real estate.
When your home appreciates you have more resources to borrow against, and you'll generate a larger profit when you sell.
But how do you know what you're buying this year will appreciate over time? Property values in Longport change for numerous reasons.
The most important thing is that you select a real estate agent in Longport who understands the factors that affect local prices.
Many think that the economy is the greatest factor impacting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and quite a few other national factors have a measurable impact on your property's value.
However, your home's value and the components that play the most significant role in its appreciation are specific to the local Longport economy and housing market.
Location in a community - Many consumers decide to live in regions with the most useful characteristics for families to grow, such as a close proximity to jobs and schools.
So these areas consistently appreciate, or retain their value consistently, year to year.
Recent home sales - What's the time on market? What was the final sales amount versus the asking price? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
History of appreciation - In the past 5-10 years, have home prices increased or decreased? Does location or affordability affect how desirable the neighborhood is thought to be?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good blend of jobs in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
Each of these factors plays a role.