Over time, the worth of a property will fluctuate up and down.
Over a long enough period of time, house values almost always appreciate.
But, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll realize a better profit when you sell.
There are many different reasons why property values in Rock Hill rise and fall. So, how can you be sure what you're buying right now will appreciate over time?
Choosing a REALTOR® in Rock Hill who recognizes the factors that affect local prices is the most important factor to consider.
What is the number one factor affecting real estate appreciation? Many are convinced that it's the economy.
mortgage rates, employment, job growth, government programs and numerous other national determinants have a definite effect on your home's value.
But the most important things that figure your house's value are specific to the local Rock Hill economy and residential market.
Access to services - Proximity to schools, jobs, and amenities also have a major influence on all home buyers' decisions.
So when it comes to holding their value, these communities usually appreciate better than others.
Recent sales - Your real estate agent should provide you with figures on the recent real estate sales in the neighborhoods 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 past 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the area is thought to be?
Local economy - Is there a nice mixture of work in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a role.