Over time, the worth of a property will fluctuate up and down.
For the most part, home values appreciate in the long term.
But there are no "sure things" in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll generate a greater profit when you sell.
There are different reasons why property values in Longport waver. So, how can you be sure what you're buying now will appreciate over time?
It's imperative that you go with a REALTOR® in Longport who is familiar with the factors that drive local prices.
What is the major factor affecting real estate appreciation? Many guess that it's the economy.
mortgage rates, employment, business growth, government programs and several other national factors have a definite impact on your property's value.
However, your property's value and the things that play the most significant role in its appreciation depend on the local Longport economy and housing market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these regions consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should provide you with data on the recent real estate sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices gone up or down over the last 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mixture of business in an area, or does it depend on just one industry?
Each of these factors plays a role.