Home prices are constantly moving up and down.
Almost always, home values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll make a larger profit when you sell.
But how will you know what you're investing in today will appreciate over time? Property values in Lenox waver for many different reasons.
Choosing an agent in Lenox who is familiar with the factors that affect local prices is the most important thing.
A lot of people think that the economy is the greatest factor impacting real estate appreciation.
there are some issues on a national level that influence your home's value: unemployment, interest rates, the stock market, and more.
But the most significant things that figure your house's value depend on the local Lenox economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a huge effect on many home buyers' decisions.
So when it comes to retaining their value, these communities usually appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should give you figures on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area considered desirable because of its location or affordability? Have property prices risen or declined over the past 5-10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mixture of job types 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.