Over time, the value of a home will fluctuate up and down.
Normally, property values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have more equity to borrow against, and you'll see a larger profit when you sell.
But how do you know what you're investing in right now will appreciate over time? Property values in Landrum change for various reasons.
The most important thing to consider is that you pick a real estate agent in Landrum who recognizes the factors that affect local prices.
Many are convinced that the economy is the most critical factor impacting real estate appreciation.
there are quite a few issues on a national level that change your house's value: unemployment, mortgage rates, consumer confidence, and more.
But the most significant factors that decide your house's value are specific to the local Landrum economy and housing market.
Access to services - Many home buyers wish to live in regions with the most useful elements for homes to shine, like a close proximity to schools and work.
So when it comes to holding their value, these regions consistently appreciate better than others.
Recent sales - Your REALTOR® should provide you with figures on the recent real estate sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mixture of business in an area, or does it depend on just one industry?
All these play a part.