Over time, the value of a house will fluctuate up and down.
By and large, house values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll realize a better profit when you sell.
Property values in Murphy shift for many different reasons, so how will you be sure what you're investing in right now won't depreciate the day after you close?
Choosing a REALTOR® in Murphy who understands the factors that affect local prices is the most important part.
Many guess that the economy is the biggest factor affecting real estate appreciation.
there are many factors on a national level that influence your property's value: unemployment, interest rates, inflation, and more.
However, your house's value and the elements that play the most significant role in its appreciation are specific to the local Murphy economy and housing market.
Location in a community - Proximity to schools and jobs also have a significant influence on many home buyers' choices.
So these areas usually appreciate, or carry their value consistently, year to year.
The latest home sales - You should receive statistics on the recent real estate sales in the areas that you're interested in from your REALTOR®. You'll need to analyze data like how long a house stays on the market and listing price versus selling price.
History of appreciation - In the past 5-10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
Local economy - Is there a good combination of work in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a part.
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