Real estate values are constantly moving up and down.
For the most part, home values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your property appreciates you have a larger asset to borrow against, and you get a bigger profit when you sell.
But how can you be sure what you're investing in presently will appreciate over time? Property values in waiver for different reasons.
The most important factor is that you choose an agent who understands the factors that affect local prices.
Many guess that the economy is the most influential factor affecting real estate appreciation.
there are many issues on a national level that impact your home's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most influential factors that determine your house's value are particular to the local Lansing economy and housing market.
Access to services - Many consumers want to live in regions with the best and most convenient traits for families to do well, like a close proximity to schools and work.
So those communities consistently appreciate, or carry their value, best.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking price? A lot of data can be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mix of job types 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.