Property prices are constantly moving up and down.
House values appreciate in the long term almost always.
But there is always a certain amount of risk in real estate.
When your house appreciates you have more resources to borrow against, and you'll produce a bigger profit when you sell.
There are numerous reasons why property values in Piedmont change. So, how can you be sure what you're purchasing this year will appreciate over time?
Choosing an agent in Piedmont who understands the factors that affect local prices is the most important aspect.
Many assume that the economy is the number one factor impacting real estate appreciation.
mortgage rates, employment, business growth, government programs and numerous other national factors have a definite impact on your house's value.
However, your house's value and the features that play the most significant role in its appreciation are particular to the local Piedmont economy and housing market.
Access to services - Proximity to work and schools also have a great impact on many home buyers' decisions.
So those areas generally appreciate, or hold their value consistently, year to year.
Trends in home sales - What's the time on market? What was the final sales amount versus the asking price? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have home prices increased or decreased? Does location or affordability affect how desirable the community is believed to be?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mix of business in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
These items play a part.