Property prices are constantly moving up and down.
Normally, property values appreciate in the long term.
But there are no "sure things" in real estate.
When your home appreciates you have a bigger asset to borrow against, and you make a better profit when you sell.
There are different reasons why property values in Tarrytown waver. So, how can you be sure what you're buying right now will appreciate over time?
It's important that you go with a real estate agent in Tarrytown who knows the factors that drive local prices.
What is the greatest factor impacting real estate appreciation? Many assume that it's the economy.
there are numerous factors on a national level that change your home's value: unemployment, interest rates, inflation, and more.
But the most influential issues that determine your property's value are specific to the local Tarrytown economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values.
So these regions generally appreciate, or keep their value consistently, year to year.
Recent sales - Your real estate agent should provide you with reports on the recent home sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the past 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
Local economy - Is there a good mixture of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a role.