Over time, the worth of a home will go up and down. Normally, house values appreciate in the long term. But, in real estate there are no "sure things".
When your property appreciates you have a more valuable asset to borrow against, and you'll see a higher profit when you sell. But how will you be sure what you're buying this year will appreciate over time? Property values in Tarrytown move up and down for a variety of reasons. Choosing a REALTOR® in Tarrytown who knows the factors that drive local prices is the most important thing.
What is the number one factor affecting real estate appreciation? Many believe that it's the economy. Obviously, interest rates, employment, job growth, government programs and a handful of other national determinants have a noticeable effect on your property's worth. But the most influential things that decide your property's value depend on the local Tarrytown economy and housing market.
Access to services - People typically want homes in the districts with the most useful places we go often or everyday, like our schools and work. So those communities typically appreciate, or carry their value consistently, year to year.
Recent home sales - You should receive data on the recent real estate sales in the regions that you'd like to live in from your REALTOR®. You'll need to learn things like how long a house stays on the market and listing price as opposed to selling price.
Appreciation history - Have property prices increased or decreased over the past 5-10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair mixture of jobs in an area, or does it count on just one industry? Is the mix of commercial and residential development changing? All these play a role.