Understanding Salisbury home prices
Over time, the value of a property will fluctuate up and down. Property values appreciate in the long term in most cases. But there is always a certain amount of risk in real estate.
When your house appreciates you have more resources to borrow against, and you'll create a higher profit when you sell. There are numerous reasons why property values in Salisbury change. So, how will you know what you're purchasing presently will appreciate over time? Choosing a real estate agent in Salisbury who can identify the factors that drive local prices is the most important factor.
A lot of people guess that the economy is the most crucial factor impacting real estate appreciation. Naturally, there are several issues on a national level that influence your house's value: unemployment, interest rates, the stock market, and more. However, your property's value and the components that play the most significant role in its appreciation are specific to the local Salisbury economy and housing market.
Access to services - Most people want homes in the areas with the easiest access to places we go often or everyday, such as our jobs and schools. So those areas typically appreciate, or keep their value consistently, year to year.
Recent sales - Your REALTOR® should give you facts and figures 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.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a good mix of job types in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring? All these play a role.