Property values are forever in flux.
House values appreciate in the long term generally.
But there are no guarantees in real estate, of course.
When your house appreciates you have more resources to borrow against, and you'll see a larger profit when you sell.
But how do you know what you're purchasing today will appreciate over time? Property values in Huntsville move up and down for different reasons.
It's imperative that you select a real estate agent in Huntsville who can identify the factors that influence local prices.
The economy is thought to be the biggest factor affecting real estate appreciation.
Obviously,
interest rates, employment, job growth, government programs and a handful of other national factors have a noticeable impact on your house's worth.
However, your home's value and the aspects that play the biggest role in its appreciation are particular to the local Huntsville economy and housing market.
Access to services - People typically want homes in the areas with the most accommodating amenities, such as our schools and work.
So these areas usually appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with facts and figures on the recent real estate sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the last 5 to 10 years? Is the area thought to be desirable because of its location or affordability?
Local economy - Is there a fair blend of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
Each of these pieces plays a role.