Over time, the value of a home will go up and down.
Property values appreciate in the long term for the most part.
But there is always a certain amount of risk in real estate.
When your home appreciates you have more equity to borrow against, and you'll realize a higher profit when you sell.
But how do you know what you're buying today will appreciate over time? Property values in Kearny change for various reasons.
It's critical that you pick a real estate agent in Kearny who is familiar with the factors that affect local prices.
The economy is believed to be the top factor affecting real estate appreciation.
Clearly,
mortgage rates, unemployment, business growth, government programs and many other national determinants have a measurable effect on your property's value.
But the most significant factors that figure your property's value are specific to the local Kearny economy and residential market.
Location in a community - People typically want homes in the districts with the most accommodating places we go often or everyday, like our schools, jobs, and shopping.
So these communities generally appreciate, or carry their value consistently, year to year.
Recent home sales - You should receive facts and figures on the recent real estate sales in the neighborhoods that you're interested in from your agent. You'll need to know figures like how long a house stays on the market and seller discounts.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice blend of business in an area, or does it depend on just one industry?
All these play a role.