Understanding property appreciation in Columbus
Over time, the value of a house will fluctuate up and down.
Usually, property values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have more resources to borrow against, and you get a better profit when you sell.
But how can you be sure what you're buying right now will appreciate over time? Property values in Columbus fluctuate for different reasons.
It's important that you go with a REALTOR® in Columbus who recognizes the factors that drive local prices.
The economy is thought to be the most influential factor impacting real estate appreciation.
It goes without saying that
there are many issues on a national level that impact your house's value: unemployment, interest rates, consumer confidence, and more.
However, your property's value and the features that play the most significant role in its appreciation depend on the local Columbus economy and housing market.
Access to services - Many consumers wish to live in areas with the best and most convenient features for homes to grow, such as a close proximity to schools, jobs, and work.
So those areas usually appreciate, or keep their value, best.
Recent home sales - You should receive facts and figures on the recent real estate sales in the regions that you'd like to live in from your REALTOR®. You'll want to know figures like time on market and asking price versus selling price.
Appreciation history - Have property prices risen or declined over the last 5-10 years? Is the neighborhood believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mixture of job types in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
All these play a part.
It's wise to know the factors that affect your property's value.
to get an estimation of your home's value.
Please call me at 402-562-8244 or e-mail me
with any questions.