Need help understanding how Upstate New York homes appreciate? Home values are continually changing. Almost always, house values appreciate in the long term. But there is always a certain amount of risk in real estate.
The economy is believed to be the number one factor affecting real estate appreciation. Obviously, there are a lot of issues on a national level that affects your house’s value: unemployment, mortgage rates, inflation, and more. But the most significant issues that decide your home’s value are specific to the local triangle area economy and housing market.
Location in a community – Many of us wish to live in areas with the most useful amenities for families to thrive, such as a close proximity to schools and work. So these regions usually appreciate, or carry their value consistently, year to year.
Prior home sales – How quickly are houses selling? Are sellers having to discount much? Some information can often be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
Appreciation history – Have house prices risen or declined over the past 5 to 10 years? Is the area thought to be desirable because of its location or affordability?
Local economy – Is there a fair mixture of work in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? All these play a role.