Over time, the worth of a home will go up and down.
Over a long enough period of time, home values generally appreciate.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a larger asset to borrow against, and you get a better profit when you sell.
Property values in Rock Hill rise and fall for a variety of reasons, so how do you know what you're buying this year won't depreciate the day after you close?
It's important that you select a real estate agent in Rock Hill who knows the factors that drive local prices.
A lot of people assume that the economy is the biggest factor impacting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and many other national factors have a measurable effect on your home's worth.
But the most important things that decide your house's value are specific to the local Rock Hill economy and housing market.
Access to services - Many home buyers choose to live in areas with the most useful traits for households to shine, like a close proximity to schools, jobs, and work.
So when it comes to keeping their value, these communities usually appreciate the best.
Recent sales - Your real estate agent should give you statistics on the recent home sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices risen or declined over the past 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair mix of business in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
Each of these pieces plays a role.