Property values are continually changing.
Over a long enough period of time, property values , for the most part, go up.
But there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll generate a bigger profit when you sell.
But how will you be sure what you're buying presently will appreciate over time? Property values in Austin go up and down for a variety of reasons.
It's important that you select a REALTOR® in Austin who understands the factors that affect local prices.
Many guess that the economy is the most influential factor affecting real estate appreciation.
It goes without saying that
interest rates, unemployment, business growth, government programs and several other national determinants have a definite effect on your property's worth.
But the most significant factors that decide your property's value are particular to the local Austin economy and residential market.
Location in a community - People typically want homes in the districts with the most useful amenities, such as our schools and work.
So these communities generally appreciate, or carry their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much? Some information 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 area believed to be desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice combination of jobs in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
Each of these factors plays a part.