Real estate prices are forever in flux.
Home values appreciate in the long term almost always.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a more valuable asset to borrow against, and you'll create a larger profit when you sell.
There are different reasons why property values in Tryon go up and down. So, how will you know what you're purchasing this year will appreciate over time?
It's important that you go with an agent in Tryon who knows the factors that influence local prices.
What is the biggest factor affecting real estate appreciation? Many guess that it's the economy.
It goes without saying that
there are quite a few issues on a national level that affect your home's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your home's value and the factors that play the most significant role in its appreciation are specific to the local Tryon economy and housing market.
Access to services - Most people want homes in the districts with the most convenient features, like our jobs and schools.
So those communities typically appreciate, or hold their value consistently, year to year.
Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much or offer concessions A lot of data can often 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.
Appreciation history - Have house prices increased or decreased over the last 5-10 years? Is the area thought of as desirable because of its location or affordability?
Local economy - Is there a good mix of business in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a role.