Real estate prices are forever in flux.
Home values appreciate in the long term normally.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have a more valuable asset to borrow against, and you'll make a higher profit when you sell.
Property values in Clayton rise and fall for many different reasons, so how do you know what you're investing in this year won't depreciate the day after you close?
Choosing a REALTOR® in Clayton who recognizes the factors that drive local prices is the most important thing to consider.
Many guess that the economy is the most important factor impacting real estate appreciation.
interest rates, unemployment, job growth, government programs and quite a few other national factors have a measurable influence on your home's value.
But the most important things that determine your home's value are specific to the local Clayton economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So when it comes to holding their value, these areas consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should provide you with statistics on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the neighborhood is thought of as?
Local economy - Is there a good blend of job types 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 part.