Home values are constantly moving up and down.
Normally, home values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have more equity to borrow against, and you'll make a better profit when you sell.
There are numerous reasons why property values in Tryon move up and down. So, how will you be sure what you're investing in now will appreciate over time?
The most important factor to consider is that you select a real estate agent in Tryon who recognizes the factors that affect local prices.
The economy is assumed to be the number one factor affecting real estate appreciation.
It goes without saying that
there are several factors on a national level that change your property's value: unemployment, interest rates, consumer confidence, and more.
However, your home's value and the things that play the biggest role in its appreciation are specific to the local Tryon economy and housing market.
Location in a community - People typically want homes in the areas with the best and most convenient amenities, like our jobs and schools.
So these areas usually appreciate, or hold their value consistently, year to year.
The latest home sales - You should receive facts and figures on the recent real estate sales in the regions that you're interested in from your agent. You'll need to analyze things like time on market and asking price as opposed to selling price.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a nice combination of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these items plays a role.
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