Real estate prices are constantly moving up and down.
Usually, house values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you'll make a larger profit when you sell.
Property values in Kearny vary for many different reasons, so how will you know what you're purchasing today won't depreciate the day after you close?
The most important factor to consider is that you go with a REALTOR® in Kearny who is familiar with the factors that affect local prices.
Many are convinced that the economy is the top factor affecting real estate appreciation.
It goes without saying that
there are a lot of factors on a national level that affect your property's value: unemployment, mortgage rates, inflation, and more.
But the most important factors that figure your home's value depend on the local Kearny economy and residential market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So these communities generally appreciate, or keep their value, best.
Real estate sales trends - How fast are houses selling? Are sellers needing to discount much or offer concessions Some information can often be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the community is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice blend of business in an area, or does it count on just one industry?
All these play a role.