Over time, the value of a property will fluctuate up and down.
Typically, property values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your house appreciates you have a bigger asset to borrow against, and you'll realize a bigger profit when you sell.
Property values in Rock Hill waver for different reasons, so how will you be sure what you're investing in today won't depreciate the day after you close?
It's imperative that you select a REALTOR® in Rock Hill who is familiar with the factors that drive local prices.
A lot of people assume that the economy is the top factor impacting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and many other national factors have a noticeable impact on your home's value.
However, your house's value and the components that play the most significant role in its appreciation depend on the local Rock Hill economy and housing market.
Access to services - Proximity to schools and work also have a great impact on most home buyers' choices.
So when it comes to holding their value, these regions consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should give you stats on the recent home sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the community is thought to be?
Local economy - Is there a good mixture of job types in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a role.