Property prices are forever in flux.
Normally, home values appreciate in the long term.
But there are no guarantees in real estate, of course.
When your property appreciates you have more resources to borrow against, and you make a better profit when you sell.
There are various reasons why property values in Austin shift. So, how will you know what you're buying right now will appreciate over time?
It's critical that you go with a REALTOR® in Austin who understands the factors that affect local prices.
What is the top factor affecting real estate appreciation? Many assume that it's the economy.
After all,
there are a lot of issues on a national level that affect your house's value: unemployment, interest rates, business growth, and more.
But the most significant issues that decide your home's value depend on the local Austin economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these regions typically appreciate much more reliably than areas lacking key features.
Trends in home sales - What's the time on market? Are sellers needing to discount much or offer concessions Some information can be obtained 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 community thought of as desirable because of its location or affordability? Have home prices increased or decreased over the last 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good mix of jobs in an area, or does it rely on just one industry?
All these play a role.