Understanding Landrum property appreciation
Over time, the value of a home will go up and down. Almost always, home values appreciate in the long term. But there are no "sure things" in real estate.
When your house appreciates you have a bigger asset to borrow against, and you'll generate a higher profit when you sell. Property values in Landrum shift for many different reasons, so how do you know what you're purchasing today won't depreciate the day after you close? The most important element to consider is that you select an agent in Landrum who is familiar with the factors that drive local prices.
The economy is thought to be the greatest factor affecting real estate appreciation. After all, there are a lot of issues on a national level that change your home's value: unemployment, mortgage rates, the stock market, and more. However, your home's value and the elements that play the biggest role in its appreciation are specific to the local Landrum economy and housing market.
Access to services - People typically want homes in the districts with the best and most convenient amenities, like our jobs and schools. So those regions usually appreciate, or carry their value, best.
Real estate sales trends - How fast are homes selling? What was the selling price versus the listing price? A lot of data can often be obtained 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 last 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mix of work in an area, or does it rely upon just one industry? All these play a role.