Home prices are forever in flux.
Almost always, house 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 bigger asset to borrow against, and you'll generate a greater profit when you sell.
But how will you know what you're investing in today will appreciate over time? Property values in Murphy change for a variety of reasons.
The most important element to consider is that you select an agent in Murphy who understands the factors that drive local prices.
The economy is assumed to be the biggest factor impacting real estate appreciation.
interest rates, employment, job growth, government programs and many other national determinants have a measurable effect on your property's worth.
But the most influential issues that determine your home's value depend on the local Murphy economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So when it comes to holding their value, these regions often appreciate much more reliably than areas lacking key features.
Prior home sales - How long are homes on the market? What was the selling price compared to the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have home prices gone up or down over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mix of job types in an area, or does it rely on just one industry?
These items play a role.