Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, home values generally go up.
But, in real estate there are no "sure things".
When your property appreciates you have a bigger asset to borrow against, and you'll produce a larger profit when you sell.
There are different reasons why property values in Swainsboro move up and down. So, how can you be sure what you're investing in today will appreciate over time?
The most important aspect is that you pick an agent in Swainsboro who is familiar with the factors that influence local prices.
What is the major factor impacting real estate appreciation? Many believe that it's the economy.
It goes without saying that
mortgage rates, unemployment, job growth, government programs and numerous other national determinants have a definite impact on your home's worth.
However, your home's value and the factors that play the most significant role in its appreciation depend on the local Swainsboro economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values.
So these communities typically appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with statistics on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the last 5-10 years? Is the neighborhood believed to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good blend of work in an area, or does it depend on just one industry?
Each of these factors plays a part.