Property prices are forever in flux.
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 more equity to borrow against, and you make a larger profit when you sell.
But how will you know what you're purchasing this year will appreciate over time? Property values in Lewis Center go up and down for various reasons.
The most important thing to consider is that you select a real estate agent in Lewis Center who is familiar with the factors that influence local prices.
Many think that the economy is the greatest factor impacting real estate appreciation.
interest rates, employment, business growth, government programs and a handful of other national factors have a measurable impact on your home's value.
However, your property's value and the elements that play the biggest role in its appreciation are particular to the local Lewis Center economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values.
So when it comes to keeping their value, these communities consistently appreciate much more reliably than areas lacking key features.
Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have property prices risen or declined over the past 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good blend of jobs in an area, or does it depend on just one industry?
Each of these things plays a part.