Over time, the worth of a home will go up and down.
House values appreciate in the long term almost always.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have more resources to borrow against, and you'll realize a better profit when you sell.
But how will you be sure what you're purchasing today will appreciate over time? Property values in Tarrytown vary for many different reasons.
The most important part is that you choose a REALTOR® in Tarrytown who understands the factors that affect local prices.
What is the top factor affecting real estate appreciation? Many believe that it's the economy.
It goes without saying that
mortgage rates, employment, business growth, government programs and numerous other national factors have a definite impact on your home's worth.
However, your house's value and the features that play the biggest role in its appreciation depend on 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 big deal to a lot of us and will greatly influence home values.
So when it comes to retaining their value, these communities generally appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should give you facts and figures on the recent home sales in the areas 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 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought of as?
Local economy - Is there a fair 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?
These items play a role.