Real estate prices are forever in flux.
Almost always, home values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your home appreciates you have more resources to borrow against, and you'll see a bigger profit when you sell.
There are different reasons why property values in Saratoga Springs waver. So, how will you be sure what you're buying today will appreciate over time?
It's imperative that you pick an agent in Saratoga Springs who knows the factors that influence local prices.
A lot of people are convinced that the economy is the major factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and a lot of other national determinants have a definite influence on your home's worth.
But the most influential factors that figure your property's value are specific to the local Saratoga Springs economy and housing market.
Access to services - Most people want homes in the districts with the best and most convenient features, such as our schools and work.
So those areas usually appreciate, or carry their value consistently, year to year.
Real estate sales trends - How fast are houses selling? Are sellers having to discount much? Some information can be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the neighborhood is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of job types in an area, or does it rely on just one industry?
These items play a role.