Home prices are continually changing.
Normally, home values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you'll generate a better profit when you sell.
There are numerous reasons why property values in Landrum waver. So, how can you be sure what you're buying today will appreciate over time?
The most important part is that you pick an agent in Landrum who recognizes the factors that drive local prices.
Many are convinced that the economy is the major factor affecting real estate appreciation.
there are a lot of factors on a national level that impact your house's value: unemployment, mortgage rates, the stock market, and more.
But the most significant issues that decide your house's value are specific to the local Landrum economy and housing market.
Access to services - Many home buyers decide to live in areas with the most convenient components for homes to develop, like a close proximity to schools, jobs, and work.
So those regions generally appreciate, or carry their value consistently, year to year.
Recent sales - Your agent should provide you with figures on the recent home sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have home prices increased or decreased over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair blend of business in an area, or does it count on just one industry?
Each of these factors plays a role.