Over time, the value of a piece of real estate will go up and down.
Property values appreciate in the long term for the most part.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a bigger asset to borrow against, and you'll make a greater profit when you sell.
Property values in Kearny rise and fall for various reasons, so how can you be sure what you're investing in right now won't depreciate the day after you close?
It's important that you pick a REALTOR® in Kearny who is familiar with the factors that drive local prices.
A lot of people are convinced that the economy is the number one factor impacting real estate appreciation.
there are quite a few factors on a national level that impact your home's value: unemployment, mortgage rates, consumer confidence, and more.
But the most significant issues that decide your house's value are specific to the local Kearny economy and residential market.
Location in a community - Most people want homes in the regions with the most useful amenities, such as our schools and work.
So these areas typically appreciate, or carry their value consistently, year to year.
Real estate sales trends - What's the time on market? What was the final sales amount versus the asking price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the past 5 to 10 years? Is the community thought to be desirable because of its location or affordability?
Local economy - Is there a fair mixture of work in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a role.