Over time, the value of a piece of real estate will fluctuate up and down.
Property values appreciate in the long term generally.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll create a bigger profit when you sell.
Property values in Kearny fluctuate for a variety of reasons, so how will you know what you're investing in today won't depreciate the day after you close?
The most important factor to consider is that you go with an agent in Kearny who recognizes the factors that affect local prices.
Many believe that the economy is the number one factor affecting real estate appreciation.
After all,
mortgage rates, unemployment, business growth, government programs and quite a few other national factors have a measurable impact on your home's value.
However, your house's value and the things that play the biggest role in its appreciation are particular to the local Kearny economy and housing market.
Access to services - Many home buyers decide to live in regions with the most useful characteristics for homes to do well, like a close proximity to jobs and schools.
So those communities consistently appreciate, or retain their value, best.
Real estate sales trends - What's the time on market? Are sellers having to discount much? Some information can be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the area is believed to be?
Local economy - Is there a good combination of work in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a role.