Landrum home prices: Need some help understanding why they appreciate?
Over time, the value of a home will go up and down. Typically, property values appreciate in the long term. But, of course, there are no "sure things" in real estate.
When your property appreciates you have more resources to borrow against, and you'll make a better profit when you sell. Property values in Landrum rise and fall for different reasons, so how can you be sure what you're buying today won't depreciate the day after you close? It's imperative that you choose a real estate agent in Landrum who recognizes the factors that drive local prices.
What is the top factor affecting real estate appreciation? Many guess that it's the economy. After all, there are some factors on a national level that impact your property's value: unemployment, interest rates, consumer confidence, and more. However, your home's value and the components that play the biggest role in its appreciation are particular to the local Landrum economy and housing market.
Access to services - Most people want homes in the regions with the most useful amenities, such as our schools and jobs. So when it comes to holding their value, these areas usually appreciate the best.
The latest home sales - You should receive reports on the recent real estate sales in the regions that you're interested in from your real estate agent. You'll want to analyze figures like time on market and seller discounts.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the neighborhood is believed to be?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good mix of job types in an area, or does it rely upon just one industry? These items play a role.