Real estate prices are constantly moving up and down.
Over a long enough period of time, property values , for the most part, appreciate.
But, of course, there are no guarantees in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll see a better profit when you sell.
There is a variety of reasons why property values in Austin shift. So, how do you know what you're buying right now will appreciate over time?
It's important that you go with a real estate agent in Austin who understands the factors that influence local prices.
What is the most crucial factor impacting real estate appreciation? Many assume that it's the economy.
there are numerous factors on a national level that affect your house's value: unemployment, interest rates, the stock market, and more.
But the most significant factors that determine your property's value depend on the local Austin economy and residential market.
Access to services - Many of us decide to live in regions with the most accommodating factors for households to thrive, such as a close proximity to schools, jobs, and work.
So those areas typically appreciate, or hold their value, best.
Recent sales - Your real estate agent should give you facts and figures on the recent real estate sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices risen or declined over the last 5-10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair blend of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
These items play a role.