Real estate prices are constantly moving up and down.
Property values appreciate in the long term typically.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have more equity to borrow against, and you'll produce a bigger profit when you sell.
But how will you be sure what you're buying now will appreciate over time? Property values in Saratoga Springs move up and down for a variety of reasons.
The most important factor is that you pick a REALTOR® in Saratoga Springs who understands the factors that influence local prices.
The economy is believed to be the number one factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and several other national determinants have a noticeable impact on your home's worth.
However, your home's value and the things that play the most significant role in its appreciation are specific to the local Saratoga Springs economy and housing market.
Access to services - Many home buyers decide to live in districts with the most accommodating characteristics for homes to grow, such as a close proximity to schools and work.
So those regions typically appreciate, or retain their value consistently, year to year.
Prior home sales - How long are homes on the market? Are sellers needing to discount much? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
Appreciation history - Have house prices gone up or down over the past 5-10 years? Is the area believed to be desirable because of its location or affordability?
Local economy - Is there a fair mixture of work in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these items plays a part.