Over time, the value of a house will fluctuate up and down.
Almost always, home values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have more resources to borrow against, and you'll realize a greater profit when you sell.
Property values in Longport go up and down for various reasons, so how will you be sure what you're buying today won't depreciate the day after you close?
Choosing a REALTOR® in Longport who knows the factors that influence local prices is the most important part.
Many think that the economy is the biggest factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and a handful of other national determinants have a noticeable influence on your property's worth.
But the most influential issues that determine your property's value are particular to the local Longport economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a huge influence on almost all home buyers' choices.
So when it comes to retaining their value, these regions consistently appreciate better than others.
Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions Some information can often be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have home prices gone up or down? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy - Is there a good mixture of job types in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a part.