Over time, the value of a house will fluctuate up and down.
Generally, home values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have more resources to borrow against, and you get a larger profit when you sell.
Property values in Landrum waver for different reasons, so how can you be sure what you're buying right now won't depreciate the day after you close?
Choosing a REALTOR® in Landrum who knows the factors that influence local prices is the most important thing.
A lot of people assume that the economy is the number one factor affecting real estate appreciation.
there are many factors on a national level that change your house's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your house's value and the features that play the biggest role in its appreciation depend on the local Landrum economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So when it comes to keeping their value, these regions often appreciate much more reliably than areas lacking key features.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the asking price? Some information can often be obtained from public records, but a good agent with access to the local MLS will often provide a more complete picture.
Appreciation history - Have house prices risen or declined over the past 5 to 10 years? Is the neighborhood considered desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice blend of job types in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
These items play a part.