Over time, the value of a house will fluctuate up and down.
In most cases, home values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your property appreciates you have a greater asset to borrow against, and you'll produce a bigger profit when you sell.
There are many different reasons why property values in Saratoga Springs move up and down. So, how can you be sure what you're buying now will appreciate over time?
It's imperative that you go with an agent in Saratoga Springs who knows the factors that affect local prices.
A lot of people think that the economy is the number one factor affecting real estate appreciation.
there are quite a few issues on a national level that influence your house's value: unemployment, interest rates, the stock market, and more.
However, your home's value and the features that play the most significant role in its appreciation are particular to the local Saratoga Springs economy and housing market.
Access to services - People typically want homes in the areas with the most accommodating amenities, like our jobs and schools.
So these regions consistently appreciate, or retain their value consistently, year to year.
Recent sales - Your agent should give you information on the recent home sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair combination of business in an area, or does it depend on just one industry? Is the blend of commercial and residential zoning changing?
These items play a part.