Home values are continually changing.
Home values appreciate in the long term in most cases.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll see a bigger profit when you sell.
Property values in Austin change for numerous reasons, so how will you know what you're buying today won't depreciate the day after you close?
It's important that you select a REALTOR® in Austin who understands the factors that drive local prices.
The economy is thought to be the biggest factor impacting real estate appreciation.
Obviously,
interest rates, employment, business growth, government programs and a lot of other national determinants have a measurable impact on your property's value.
But the most significant factors that decide your house's value are specific to the local Austin economy and residential market.
Location in a community - Many of us want to live in areas with the best and most convenient features for homes to thrive, like a close proximity to schools, jobs, and work.
So when it comes to holding their value, these regions often appreciate better than others.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the listing price? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have home prices increased or decreased over the past 5 to 10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair combination of work in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
All these play a role.