Over time, the value of a piece of real estate will go up and down.
Over a long enough period of time, property values typically appreciate.
But there is always a certain amount of risk in real estate, of course.
When your home appreciates you have a greater asset to borrow against, and you'll see a greater profit when you sell.
Property values in Englewood shift for different reasons, so how do you know what you're investing in now won't depreciate the day after you close?
It's critical that you pick a real estate agent in Englewood who recognizes the factors that influence local prices.
Many guess that the economy is the biggest factor impacting real estate appreciation.
It goes without saying that
there are some issues on a national level that impact your house's value: unemployment, interest rates, business growth, and more.
However, your house's value and the things that play the biggest role in its appreciation are particular to the local Englewood economy and housing market.
Access to services - Proximity to schools and work also have a significant influence on many home buyers' choices.
So when it comes to holding their value, these communities usually appreciate the best.
Recent sales - Your agent should give you facts and figures on the recent home sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the neighborhood is considered?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good mix of jobs in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing?
Each of these factors plays a part.
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