Home values are constantly moving up and down.
Home values appreciate in the long term for the most part.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell.
But how will you be sure what you're investing in presently will appreciate over time? Property values in Saratoga Springs move up and down for various reasons.
It's important that you go with a real estate agent in Saratoga Springs who recognizes the factors that drive local prices.
Many assume that the economy is the number one factor impacting real estate appreciation.
It goes without saying that
interest rates, unemployment, business growth, government programs and some other national factors have a noticeable effect on your house's value.
However, your house's value and the factors that play the biggest role in its appreciation depend on the local Saratoga Springs economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many families and will greatly influence home values.
So these communities typically appreciate, or hold their value, best.
Recent sales - Your REALTOR® 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.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have property prices gone up or down over the last 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good combination of job types in an area, or does it rely upon just one industry?
These items play a part.