What causes Landrum home prices to fluctuate?
Property values are continually changing. Over a long enough period of time, home values , by and large, appreciate. But, of course, in real estate there are no guarantees.
When your home appreciates you have a more valuable asset to borrow against, and you'll make a greater profit when you sell. But how can you be sure what you're investing in today will appreciate over time? Property values in Landrum fluctuate for many different reasons. The most important part is that you choose a REALTOR® in Landrum who recognizes the factors that drive local prices.
Many are convinced that the economy is the major factor affecting real estate appreciation. Clearly, there are quite a few issues on a national level that adjust your house's value: unemployment, mortgage rates, business growth, and more. But the most influential issues that decide your home's value depend on the local Landrum economy and housing market.
Access to services - Most people want homes in the districts with the easiest access to places we go often or everyday, such as our schools and jobs. So these regions consistently appreciate, or retain their value consistently, year to year.
Recent home sales - What's the time on market? Are sellers having to discount much? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will often 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 considered?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good blend of work in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing? All these play a part.