Property prices are forever in flux.
Over a long enough period of time, property values generally appreciate.
But there are no "sure things" in real estate.
When your property appreciates you have more equity to borrow against, and you'll create a larger profit when you sell.
There are numerous reasons why property values in Longport change. So, how do you know what you're purchasing today will appreciate over time?
It's important that you choose a REALTOR® in Longport who is familiar with the factors that affect local prices.
What is the biggest factor affecting real estate appreciation? Many are convinced that it's the economy.
interest rates, unemployment, business growth, government programs and some other national determinants have a definite impact on your house's worth.
But the most influential issues that figure your house's value depend on the local Longport economy and residential market.
Access to services - Proximity to work and schools also have a major effect on almost all home buyers' decisions.
So those areas consistently appreciate, or retain their value, best.
The latest home sales - What's the time on market? Are sellers having to discount much? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices gone up or down over the past 5 to 10 years? Is the area considered 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 good mixture of job types in an area, or does it rely upon just one industry?
These items play a part.
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