Over time, the worth of a property will fluctuate up and down.
Almost always, home values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your home appreciates you have a greater asset to borrow against, and you make a bigger profit when you sell.
But how can you be sure what you're investing in right now will appreciate over time? Property values in Tryon move up and down for numerous reasons.
Choosing an agent in Tryon who knows the factors that drive local prices is the most important factor.
Many assume that the economy is the most critical factor impacting real estate appreciation.
mortgage rates, employment, business growth, government programs and numerous other national determinants have a measurable influence on your home's value.
But the most influential factors that decide your property's value depend on the local Tryon economy and residential market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So these areas typically appreciate, or hold their value consistently, year to year.
Recent sales - Your agent should provide you with data 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 5-10 years? Is the area believed to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair blend of work in an area, or does it depend on just one industry?
Each of these items plays a role.