Real estate values are forever in flux.
Over a long enough period of time, house values , by and large, appreciate.
But, of course, in real estate there are no "sure things".
When your property appreciates you have a more valuable asset to borrow against, and you'll generate a better profit when you sell.
But how will you know what you're buying this year will appreciate over time? Property values in Greenville rise and fall for different reasons.
The most important factor to consider is that you go with a real estate agent in Greenville who understands the factors that drive local prices.
What is the most crucial factor affecting real estate appreciation? Many guess that it's the economy.
interest rates, unemployment, business growth, government programs and quite a few other national factors have a definite impact on your property's value.
But the most influential things that determine your house's value are specific to the local Greenville economy and residential market.
Location in a community - Most people want homes in the areas with the most useful amenities, such as our jobs and schools.
So when it comes to retaining their value, these areas usually appreciate much more reliably than areas lacking key features.
Real estate sales trends - How quickly are homes selling? Are sellers having to discount much? A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices risen or declined over the past 5 to 10 years? Is the community believed 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 businesses moved into or away from an area? Are local companies hiring?
Each of these elements plays a role.
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