Over time, the value of a house will fluctuate up and down.
Over a long enough period of time, home values normally go up.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have more equity to borrow against, and you'll make a higher profit when you sell.
Property values in Murphy waver for various reasons, so how can you be sure what you're buying right now won't depreciate the day after you close?
It's important that you go with a real estate agent in Murphy who understands the factors that influence local prices.
Many assume that the economy is the number one factor affecting real estate appreciation.
It goes without saying that
interest rates, unemployment, business growth, government programs and some other national factors have a definite impact on your house's value.
But the most important things that figure your property's value depend on the local Murphy economy and residential market.
Location in a community - People typically want homes in the regions with the most useful amenities, such as our schools and work.
So when it comes to keeping their value, these areas often appreciate better than others.
Recent sales - Your REALTOR® should provide you with data on the recent real estate sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the neighborhood is considered?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mixture of business in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
All these play a role.
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