Home prices are constantly moving up and down.
Over a long enough period of time, home values typically appreciate.
But, of course, there are no guarantees in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you make a greater profit when you sell.
But how will you know what you're buying this year will appreciate over time? Property values in Sunset Beach go up and down for numerous reasons.
Choosing a REALTOR® in Sunset Beach who knows the factors that drive local prices is the most important part.
The economy is thought to be the most influential factor impacting real estate appreciation.
mortgage rates, employment, job growth, government programs and some other national determinants have a noticeable effect on your property's worth.
But the most significant factors that decide your property's value depend on the local Sunset Beach economy and housing market.
Location in a community - Proximity to schools and work also have a great impact on all home buyers' choices.
So those communities consistently appreciate, or hold their value consistently, year to year.
Recent sales - Your real estate agent should give you facts and figures on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair mix of business in an area, or does it count on just one industry?
All these play a role.
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