Understanding Salisbury property appreciation
Over time, the value of a piece of real estate will fluctuate up and down. Usually, home values appreciate in the long term. But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have more resources to borrow against, and you'll create a better profit when you sell. There are various reasons why property values in Salisbury move up and down. So, how will you know what you're purchasing this year will appreciate over time? The most important factor to consider is that you go with an agent in Salisbury who knows the factors that drive local prices.
What is the number one factor impacting real estate appreciation? Many guess that it's the economy. Clearly, there are numerous factors on a national level that alter your home's value: unemployment, interest rates, the stock market, and more. However, your house's value and the aspects that play the most significant role in its appreciation depend on the local Salisbury economy and housing market.
Location in a community - Proximity to schools and jobs also have a major impact on many home buyers' decisions. So these communities usually appreciate, or keep their value consistently, year to year.
Recent sales - Your agent should provide you with data on the recent home sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good blend of business in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing? Each of these factors plays a part.