Over time, the value of a house will fluctuate up and down.
Home values appreciate in the long term for the most part.
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.
But how can you be sure what you're investing in today will appreciate over time? Property values in Tarrytown vary for many different reasons.
It's critical that you select an agent in Tarrytown who can identify the factors that influence local prices.
A lot of people assume that the economy is the most important factor affecting real estate appreciation.
It goes without saying that
there are numerous factors on a national level that influence your property's value: unemployment, interest rates, the stock market, and more.
But the most influential factors that determine your house's value are specific to the local Tarrytown economy and housing market.
Access to services - Many home buyers decide to live in regions with the most accommodating factors for homes to thrive, such as a close proximity to schools and work.
So those areas generally appreciate, or carry their value, best.
Recent sales - Your REALTOR® should provide you with information on the recent real estate sales in the districts 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 past 5 to 10 years, have property prices increased or decreased? Does location or affordability affect how desirable the community is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice blend of jobs in an area, or does it count on just one industry?
All these play a part.