Home values are constantly moving up and down.
House values appreciate in the long term typically.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a larger asset to borrow against, and you'll generate a better profit when you sell.
There are different reasons why property values in Landrum go up and down. So, how will you know what you're purchasing now will appreciate over time?
Choosing an agent in Landrum who knows the factors that drive local prices is the most important part.
What is the most influential factor affecting real estate appreciation? Many are convinced that it's the economy.
mortgage rates, employment, business growth, government programs and some other national factors have a noticeable effect on your property's value.
However, your property's value and the things that play the most significant role in its appreciation are specific to the local Landrum economy and housing market.
Access to services - Many of us wish to live in districts with the most convenient factors for families to develop, like a close proximity to schools and work.
So these communities generally appreciate, or retain their value, best.
Real estate sales trends - How fast are homes selling? Are sellers having to discount much or offer concessions A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the area is considered?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mixture of job types in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
Each of these factors plays a part.