Home values are constantly moving up and down.
Over a long enough period of time, home values generally go up.
But there are no "sure things" in real estate, of course.
When your house appreciates you have a bigger asset to borrow against, and you get a bigger profit when you sell.
There are different reasons why property values in Saratoga Springs fluctuate. So, how will you know what you're investing in now will appreciate over time?
It's critical that you choose a REALTOR® in Saratoga Springs who understands the factors that influence local prices.
The economy is thought to be the most critical factor affecting real estate appreciation.
interest rates, employment, job growth, government programs and many other national determinants have a definite impact on your property's worth.
However, your home's value and the things that play the biggest role in its appreciation depend on the local Saratoga Springs economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values.
So when it comes to keeping their value, these regions usually appreciate better than others.
Recent sales - Your agent should provide you with statistics on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a good blend of jobs in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these elements plays a role.