Over time, the value of a home will fluctuate up and down.
For the most part, home values appreciate in the long term.
But there are no guarantees in real estate, of course.
When your property appreciates you have a greater asset to borrow against, and you get a higher profit when you sell.
There are many different reasons why property values in Piedmont waver. So, how do you know what you're investing in today will appreciate over time?
Choosing an agent in Piedmont who knows the factors that influence local prices is the most important thing.
A lot of people think that the economy is the most critical factor impacting real estate appreciation.
there are several factors on a national level that impact your house's value: unemployment, mortgage rates, the stock market, and more.
However, your property's value and the components that play the biggest role in its appreciation depend on the local Piedmont economy and housing market.
Access to services - Many consumers wish to live in regions with the most helpful elements for families to develop, such as a close proximity to schools, jobs, and work.
So those communities typically appreciate, or keep their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with data on the recent real estate sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have property prices increased or decreased? Does location or affordability affect how desirable the community is considered?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair combination of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
Each of these items plays a part.