Understanding Landrum home prices
Home values are continually changing. Generally, home values appreciate in the long term. But, in real estate there are no "sure things".
When your property appreciates you have a more valuable asset to borrow against, and you'll generate a larger profit when you sell. Property values in Landrum rise and fall for various reasons, so how can you be sure what you're purchasing right now won't depreciate the day after you close? Choosing an agent in Landrum who can identify the factors that affect local prices is the most important factor to consider.
The economy is assumed to be the biggest factor affecting real estate appreciation. Naturally, there are numerous factors on a national level that impact your home's value: unemployment, interest rates, inflation, and more. But the most significant issues that determine your house's value depend on the local Landrum economy and housing market.
Location in a community - Proximity to work and schools also have a significant impact on most home buyers' decisions. So when it comes to keeping their value, these areas consistently appreciate much more reliably than areas lacking key features.
The latest home sales - You should receive stats on the recent real estate sales in the areas that you're interested in from your agent. You'll want to learn things like time on market and asking price versus selling price.
History of appreciation - In the past 5-10 years, have home prices gone up or down? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mix of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing? All these play a part.