Real estate prices are forever in flux.
By and large, home values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll produce a bigger profit when you sell.
But how do you know what you're investing in now will appreciate over time? Property values in Clayton rise and fall for various reasons.
The most important factor is that you pick an agent in Clayton who knows the factors that drive local prices.
A lot of people believe that the economy is the greatest factor impacting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and quite a few other national factors have a measurable influence on your house's worth.
However, your house's value and the factors that play the most significant role in its appreciation are particular to the local Clayton economy and housing market.
Location in a community - Most people want homes in the districts with the most useful places we go often or everyday, such as our schools and work.
So when it comes to keeping their value, these regions consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should provide you with data on the recent home sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the past 5-10 years? Is the area believed to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mix of job types in an area, or does it depend on just one industry?
These items play a role.