Over time, the value of a piece of real estate will fluctuate up and down.
House values appreciate in the long term in most cases.
But, of course, in real estate there are no guarantees.
When your home appreciates you have a bigger asset to borrow against, and you'll produce a better profit when you sell.
But how will you be sure what you're investing in this year will appreciate over time? Property values in Bronx rise and fall for a variety of reasons.
It's important that you choose an agent in Bronx who can identify the factors that drive local prices.
The economy is believed to be the top factor impacting real estate appreciation.
there are several factors on a national level that affect your house's value: unemployment, interest rates, consumer confidence, and more.
But the most significant things that figure your house's value are particular to the local Bronx economy and residential market.
Location in a community - Many home buyers wish to live in regions with the most accommodating traits for homes to succeed, such as a close proximity to schools and work.
So these communities consistently appreciate, or retain their value, best.
Recent home sales - How quickly are houses selling? What was the selling price compared to the listing price? A lot of data 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.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have house prices increased or decreased over the past 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good combination of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
Each of these items plays a role.