Home 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 house appreciates you have a greater asset to borrow against, and you'll produce a higher profit when you sell.
There are numerous reasons why property values in Topton vary. So, how will you know what you're buying today will appreciate over time?
Choosing a real estate agent in Topton who is familiar with the factors that influence local prices is the most important factor.
A lot of people believe that the economy is the biggest factor affecting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and a handful of other national factors have a measurable influence on your property's value.
But the most influential factors that determine your house's value are specific to the local Topton economy and residential market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So those communities usually appreciate, or keep their value consistently, year to year.
Prior home sales - What's the time on market? Are sellers needing to discount much? Some information can be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have property prices risen or declined over the past 5 to 10 years? Is the neighborhood thought of as 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 job types in an area, or does it rely on just one industry?
Each of these things plays a part.