Over time, the value of a piece of real estate will fluctuate up and down. Almost always, home values appreciate in the long term. But, of course, in real estate there are no "sure things".
When your property appreciates you have a greater asset to borrow against, and you'll generate a greater profit when you sell. But how can you be sure what you're purchasing this year will appreciate over time? Property values in Kearny change for a variety of reasons. The most important factor to consider is that you pick a real estate agent in Kearny who can identify the factors that affect local prices.
The economy is assumed to be the most influential factor impacting real estate appreciation. Clearly, interest rates, unemployment, job growth, government programs and a handful of other national factors have a definite influence on your property's worth. But the most influential issues that determine your house's value depend on the local Kearny economy and housing market.
Access to services - Proximity to schools and jobs also have a significant influence on many home buyers' decisions. So when it comes to holding their value, these regions consistently appreciate better than others.
Trends in home sales - How fast are homes selling? Are sellers needing to discount much? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have house prices risen or declined over the last 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mix of work in an area, or does it count on just one industry? Is the blend of commercial and residential development changing? Each of these items plays a role.
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