Over time, the value of a property will fluctuate up and down.
Home values appreciate in the long term in most cases.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you'll realize a higher profit when you sell.
Property values in Murphy shift for various reasons, so how can you be sure what you're purchasing this year won't depreciate the day after you close?
Choosing a REALTOR® in Murphy who recognizes the factors that affect local prices is the most important aspect to consider.
What is the most important factor affecting real estate appreciation? Many believe that it's the economy.
It goes without saying that
mortgage rates, unemployment, job growth, government programs and numerous other national factors have a definite influence on your property's value.
However, your home's value and the elements that play the most significant role in its appreciation depend on the local Murphy 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 us and will greatly influence home values.
So these regions typically appreciate, or carry their value consistently, year to year.
Recent home sales - You should receive stats on the recent real estate sales in the regions that you'd like to live in from your real estate agent. You'll need to know figures like time on market and seller discounts.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have home prices gone up or down over the last 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good combination of business in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
All these play a part.