Property prices are constantly moving up and down.
Over a long enough period of time, home values , for the most part, go up.
But there are no guarantees in real estate, of course.
When your property appreciates you have a larger asset to borrow against, and you'll create a greater profit when you sell.
There is a variety of reasons why property values in Kearny vary. So, how will you be sure what you're buying now will appreciate over time?
It's important that you pick a real estate agent in Kearny who recognizes the factors that influence local prices.
Many think that the economy is the top factor affecting real estate appreciation.
there are a lot of issues on a national level that adjust your house's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most significant issues that figure your house's value are specific to the local Kearny economy and residential market.
Access to services - Most people want homes in the areas with the most convenient features, like our schools, jobs, and shopping.
So when it comes to holding their value, these regions typically appreciate better than others.
Recent sales - Your REALTOR® should give you reports on the recent real estate sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought to be desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice blend of job types in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
Each of these elements plays a part.