Over time, the value of a piece of real estate will fluctuate up and down.
Over a long enough period of time, home values normally appreciate.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have more equity to borrow against, and you make a larger profit when you sell.
There are many different reasons why property values in Lewisburg go up and down. So, how can you be sure what you're purchasing presently will appreciate over time?
Choosing a real estate agent in Lewisburg who understands the factors that drive local prices is the most important aspect to consider.
What is the number one factor impacting real estate appreciation? Many believe that it's the economy.
interest rates, employment, business growth, government programs and quite a few other national determinants have a definite effect on your property's value.
However, your property's value and the factors that play the most significant role in its appreciation depend on the local Lewisburg economy and housing market.
Access to services - Many of us wish to live in regions with the most helpful features for homes to develop, like a close proximity to schools, jobs, and work.
So when it comes to holding their value, these regions consistently appreciate the best.
Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking 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.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good blend of work in an area, or does it count on just one industry?
Each of these factors plays a part.