Property prices are forever in flux. Over a long enough period of time, house values typically appreciate. But there are no "sure things" in real estate, of course.
When your house appreciates you have a larger asset to borrow against, and you'll produce a higher profit when you sell. But how will you know what you're investing in today will appreciate over time? Property values in Lenox shift for different reasons. It's critical that you choose a real estate agent in Lenox who is familiar with the factors that drive local prices.
The economy is believed to be the biggest factor affecting real estate appreciation. It goes without saying that interest rates, employment, job growth, government programs and several other national factors have a measurable influence on your property's value. But the most influential issues that figure your home's value are particular to the local Lenox economy and residential market.
Location in a community - Proximity to work and schools also have a major influence on almost all home buyers' decisions. So these regions consistently appreciate, or keep their value consistently, year to year.
Real estate sales trends - How fast are houses selling? Are sellers needing to discount much? Some information can 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.
Appreciation history - Have home prices increased or decreased over the past 5 to 10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Local economy - Is there a nice mix of jobs in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local companies hiring? These items play a role.
Identifying the factors that play into your property's value is important. Click here to get an estimation of your property's value. And if you have any questions, call me at 413.637.4200 or e-mail me.