Property prices are continually changing.
By and large, home values appreciate in the long term.
But there are no guarantees in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll make a higher profit when you sell.
But how do you know what you're purchasing this year will appreciate over time? Property values in Tryon waver for different reasons.
It's imperative that you select an agent in Tryon who recognizes the factors that influence local prices.
The economy is believed to be the most critical factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and several other national factors have a definite influence on your property's value.
However, your house's value and the elements that play the most significant role in its appreciation depend on the local Tryon economy and housing market.
Location in a community - Proximity to schools and jobs also have a great effect on most home buyers' decisions.
So those communities often appreciate, or hold their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking price? A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the community thought to be desirable because of its location or affordability? Have house prices risen or declined over the past 5 to 10 years?
Local economy - Is there a good combination of jobs in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
Each of these things plays a part.