Understanding property appreciation in Staunton, Waynesboro and Augusta CountyOver time, the value of a house will go up and down. Home values appreciate in the long term usually. But, of course, in real estate there are no "sure things".
When your property appreciates you have a larger asset to borrow against, and you make a higher profit when you sell. There are different reasons why property values in Staunton waver. So, how do you know what you're investing in presently will appreciate over time? It's imperative that you select a real estate agent in Staunton who recognizes the factors that drive local prices.
Many are convinced that the economy is the most critical factor affecting real estate appreciation. Naturally, there are several issues on a national level that influence your house's value: unemployment, mortgage rates, quarterly earnings reports, and more. However, your house's value and the aspects that play the most significant role in its appreciation are specific to the local Staunton, Waynesboro and Augusta County economy and housing market.
Location in a community - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values. So these areas consistently appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should give you stats on the recent real estate sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is thought to be?
Local economy - Is there a fair blend of job types in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring? All these play a role.
|Identifying the factors that influence your home's worth is important. Visit this link for an assessment of your house's value. And if you have any questions, call me at 540-886-3447 or e-mail me .|