Over time, the worth of a house will go up and down.
Almost always, property values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more resources to borrow against, and you make a higher profit when you sell.
There are different reasons why property values in Tamuning change. So, how will you be sure what you're buying today will appreciate over time?
The most important factor to consider is that you choose a real estate agent in Tamuning who is familiar with the factors that influence local prices.
Many think that the economy is the greatest factor impacting real estate appreciation.
interest rates, employment, business growth, government programs and many other national factors have a measurable effect on your home's worth.
But the most significant factors that decide your home's value are specific to the local Tamuning economy and housing market.
Access to services - Most people want homes in the districts with the most useful amenities, like our jobs and schools.
So when it comes to keeping their value, these communities consistently appreciate much more reliably than areas lacking key features.
Real estate sales trends - How long are homes up for sale before closing? 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.
History of appreciation - In the last 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is thought of as?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good blend of business in an area, or does it rely upon just one industry?
All these play a role.