Home values are continually changing.
House values appreciate in the long term usually.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll produce a better profit when you sell.
There are numerous reasons why property values in Highland Park go up and down. So, how will you be sure what you're purchasing today will appreciate over time?
It's imperative that you go with a REALTOR® in Highland Park who recognizes the factors that affect local prices.
A lot of people are convinced that the economy is the greatest factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and quite a few other national determinants have a definite effect on your home's worth.
But the most significant factors that figure your house's value are specific to the local Highland Park economy and residential market.
Location in a community - People typically want homes in the areas with the most convenient features, such as our schools and work.
So when it comes to keeping their value, these communities generally appreciate much more reliably than areas lacking key features.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much? A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have home prices risen or declined over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair combination of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
Each of these factors plays a role.