Over time, the worth of a piece of real estate will go up and down.
Home values appreciate in the long term generally.
But there is always a certain amount of risk in real estate, of course.
When your home appreciates you have a larger asset to borrow against, and you'll realize a higher profit when you sell.
There is a variety of reasons why property values in Tryon move up and down. So, how will you be sure what you're buying this year will appreciate over time?
Choosing a real estate agent in Tryon who knows the factors that affect local prices is the most important thing.
A lot of people are convinced that the economy is the biggest factor impacting real estate appreciation.
there are many factors on a national level that adjust your house's value: unemployment, interest rates, inflation, and more.
But the most important things that figure your house's value depend on the local Tryon economy and housing market.
Location in a community - Most people want homes in the regions with the best and most convenient features, such as our work and schools.
So those regions consistently appreciate, or hold their value, best.
Prior home sales - How quickly are homes selling? What was the selling price compared to the asking price? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have home prices increased or decreased over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mixture of jobs in an area, or does it rely upon just one industry?
All these play a role.