Property values are forever in flux.
Generally, property values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have more equity to borrow against, and you get a better profit when you sell.
There are many different reasons why property values in Lewis Center change. So, how do you know what you're investing in today will appreciate over time?
It's important that you choose an agent in Lewis Center who understands the factors that affect local prices.
A lot of people guess that the economy is the most influential factor affecting real estate appreciation.
Naturally,
there are many factors on a national level that impact your home's value: unemployment, mortgage rates, the stock market, and more.
However, your home's value and the elements that play the most significant role in its appreciation are particular to the local Lewis Center economy and housing market.
Access to services - 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 communities often appreciate the best.
Trends in home sales - How long are homes on the market? What was the final sales amount compared to the listing price? Some information can 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 area 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 nice blend of business in an area, or does it rely on just one industry?
These items play a role.