What drives property values in Landrum to move up and down?Real estate prices are continually changing. House values appreciate in the long term by and large. But, in real estate there are no guarantees.
When your house appreciates you have more resources to borrow against, and you'll make a greater profit when you sell. Property values in Landrum shift for many different reasons, so how can you be sure what you're buying this year won't depreciate the day after you close? The most important element to consider is that you go with a real estate agent in Landrum who knows the factors that affect local prices.
What is the number one factor affecting real estate appreciation? Many are convinced that it's the economy. Obviously, there are quite a few factors on a national level that affect your home's value: unemployment, mortgage rates, inflation, and more. But the most significant factors that determine your property's value depend on the local Landrum economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values. So those communities usually appreciate, or retain their value consistently, year to year.
Real estate sales trends - What's the time on market? Are sellers having to discount much or offer concessions A lot of data can be obtained 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 last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the community is believed to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair combination of jobs in an area, or does it count on just one industry? Is the blend of commercial and residential development changing? Each of these items plays a role.