Property values are forever in flux. For the most part, home values appreciate in the long term. But there is always a certain amount of risk in real estate.
When your home appreciates you have more resources to borrow against, and you'll see a greater profit when you sell. Property values in Austin move up and down for a variety of reasons, so how do you know what you're purchasing today won't depreciate the day after you close? The most important factor to consider is that you pick a real estate agent in Austin who is familiar with the factors that influence local prices.
A lot of people guess that the economy is the major factor affecting real estate appreciation. It goes without saying that mortgage rates, unemployment, job growth, government programs and numerous other national determinants have a noticeable effect on your home's value. However, your property's value and the factors that play the most significant role in its appreciation are specific to the local Austin economy and housing market.
Access to services - Proximity to schools and jobs also have a major effect on all home buyers' choices. So when it comes to keeping their value, these areas generally appreciate better than others.
Real estate sales trends - What's the time on market? Are sellers needing to discount much or offer concessions A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?
Local economy - Is there a fair mix of work in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local companies hiring? These items play a role.
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