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, of course.
When your house appreciates you have more equity to borrow against, and you get a higher profit when you sell.
Property values in Tryon change for various reasons, so how will you know what you're purchasing today won't depreciate the day after you close?
Choosing a REALTOR® in Tryon who knows the factors that drive local prices is the most important thing to consider.
The economy is believed to be the biggest factor impacting real estate appreciation.
It goes without saying that
mortgage rates, unemployment, business growth, government programs and quite a few other national determinants have a definite influence on your home's value.
However, your home's value and the components that play the biggest role in its appreciation are particular to the local Tryon economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So when it comes to keeping their value, these regions consistently appreciate the best.
The latest home sales - You should receive figures on the recent real estate sales in the neighborhoods that you're asking about from your REALTOR®. You'll need to know figures like how long a house stays on the market and seller discounts.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices gone up or down over the past 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair blend of job types in an area, or does it count on just one industry? Is the mix of commercial and residential development changing?
These items play a part.