Home prices are constantly moving up and down.
Normally, property values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll generate a bigger profit when you sell.
Property values in Tryon go up and down for numerous reasons, so how do you know what you're buying now won't depreciate the day after you close?
It's important that you pick a REALTOR® in Tryon who knows the factors that affect local prices.
The economy is assumed to be the most critical factor affecting real estate appreciation.
there are some issues on a national level that change your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
However, your house's value and the aspects that play the most significant role in its appreciation are specific to the local Tryon economy and housing market.
Location in a community - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values.
So when it comes to retaining their value, these areas often appreciate better than others.
Recent sales - Your REALTOR® should give you stats on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the area is thought to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mixture of business in an area, or does it rely on just one industry?
These items play a part.