Over time, the value of a piece of real estate will fluctuate up and down.
Usually, house values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a more valuable asset to borrow against, and you'll create a better profit when you sell.
Property values in Tamuning fluctuate for various reasons, so how do you know what you're investing in this year won't depreciate the day after you close?
The most important factor to consider is that you pick a real estate agent in Tamuning who can identify the factors that influence local prices.
What is the top factor affecting real estate appreciation? Many think that it's the economy.
Naturally,
mortgage rates, unemployment, job growth, government programs and numerous other national factors have a definite influence on your house's value.
However, your property's value and the features that play the biggest role in its appreciation are specific to the local Tamuning economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So those areas typically appreciate, or keep their value, best.
The latest home sales - You should receive stats on the recent real estate sales in the areas that you'd like to live in from your REALTOR®. You'll need to analyze things like time on market and seller discounts.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the neighborhood considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mixture of work in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing?
All these play a part.