Real estate prices are constantly moving up and down.
For the most part, property values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have a larger asset to borrow against, and you'll generate a higher profit when you sell.
But how will you know what you're buying today will appreciate over time? Property values in Bronx rise and fall for various reasons.
Choosing an agent in Bronx who can identify the factors that drive local prices is the most important part.
A lot of people assume that the economy is the major factor impacting real estate appreciation.
there are quite a few factors on a national level that influence your house's value: unemployment, interest rates, inflation, and more.
But the most influential issues that determine your home's value are specific to the local Bronx economy and residential market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values.
So those regions consistently appreciate, or hold their value consistently, year to year.
Recent sales - Your agent should provide you with data on the recent real estate sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy - Is there a nice blend of business 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 part.