Covenant Real Estate Managment
What drives property values in Virginia to move up and down?
Over time, the worth of a house will fluctuate up and down. For the most part, property values appreciate in the long term. But there is always a certain amount of risk in real estate, of course.
When your home appreciates you have a more valuable asset to borrow against, and you get a better profit when you sell. There are various reasons why property values in Berryville vary. So, how will you know what you're purchasing this year will appreciate over time? The most important factor to consider is that you choose a REALTOR® in Berryville who is familiar with the factors that affect local prices.
The economy is believed to be the top factor impacting real estate appreciation. Obviously, interest rates, employment, business growth, government programs and a lot of other national determinants have a measurable influence your property's worth. But the most significant factors that figure your house's value are particular to the local economy and housing market.
Location in a community - Proximity to work and schools also have a major impact on many home buyers' choices. So those regions often appreciate, or keep their value consistently, year to year.
The latest home sales - You should receive information on the recent real estate sales in the areas that you're asking about from your agent. You'll want to analyze figures like how long a house stays on the market and asking price versus selling price.
Appreciation history - Have house prices risen or declined over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?