Home values are constantly moving up and down.
Typically, house values appreciate in the long term.
But there are no guarantees in real estate, of course.
When your house appreciates you have a bigger asset to borrow against, and you'll make a greater profit when you sell.
There are numerous reasons why property values in Swainsboro go up and down. So, how can you be sure what you're purchasing today will appreciate over time?
Choosing an agent in Swainsboro who is familiar with the factors that affect local prices is the most important thing.
A lot of people believe that the economy is the biggest factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and numerous other national factors have a definite effect on your house's worth.
However, your property's value and the things that play the most significant role in its appreciation are particular to the local Swainsboro economy and housing market.
Location in a community - Most people want homes in the districts with the most convenient amenities, such as our schools and work.
So when it comes to retaining their value, these areas usually appreciate better than others.
Recent sales - Your REALTOR® should provide you with stats on the recent home sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices risen or declined over the past 5 to 10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair mixture of job types in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
All these play a role.