Over time, the value of a property will fluctuate up and down.
Over a long enough period of time, house values typically go up.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you make a better profit when you sell.
Property values in Longport fluctuate for many different reasons, so how will you know what you're investing in this year won't depreciate the day after you close?
Choosing a REALTOR® in Longport who recognizes the factors that drive local prices is the most important factor to consider.
What is the most critical factor affecting real estate appreciation? Many are convinced that it's the economy.
there are several factors on a national level that adjust your house's value: unemployment, interest rates, business growth, and more.
But the most influential issues that determine your home's value are specific to the local Longport economy and housing market.
Access to services - Proximity to work and schools also have a great influence on all home buyers' decisions.
So when it comes to keeping their value, these regions often appreciate better than others.
Real estate sales trends - What's the time on market? What was the final sales amount compared to the listing price? Some information can often be obtained 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 past 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the community is thought of as?
Local economy - Is there a nice blend of job types in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a role.
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