Over time, the value of a house will go up and down.
Over a long enough period of time, house values generally go up.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a more valuable asset to borrow against, and you make a greater profit when you sell.
There are different reasons why property values in Englewood rise and fall. So, how will you know what you're buying presently will appreciate over time?
It's important that you select an agent in Englewood who can identify the factors that affect local prices.
A lot of people are convinced that the economy is the most important factor impacting real estate appreciation.
mortgage rates, employment, business growth, government programs and numerous other national factors have a definite influence on your property's worth.
But the most influential factors that figure your house's value are specific to the local Englewood economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So these regions typically appreciate, or hold their value consistently, year to year.
Real estate sales trends - How long are homes up for sale before closing? What was the final sales amount versus the asking price? Some information can be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have house prices gone up or down 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 fair combination of business in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
Each of these elements plays a role.