Property prices are continually changing.
Almost always, property values appreciate in the long term.
But, in real estate there are no guarantees.
When your home appreciates you have a greater asset to borrow against, and you'll see a greater profit when you sell.
Property values in Dallas change for numerous reasons, so how will you know what you're purchasing today won't depreciate the day after you close?
Choosing a real estate agent in Dallas who can identify the factors that affect local prices is the most important aspect.
What is the most influential factor affecting real estate appreciation? Many assume that it's the economy.
interest rates, unemployment, job growth, government programs and a lot of other national factors have a definite impact on your property's worth.
However, your home's value and the factors that play the biggest role in its appreciation are particular to the local Dallas economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many us and will greatly influence home values.
So when it comes to holding their value, these regions consistently appreciate better than others.
Recent sales - Your agent should provide you with information 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 house prices risen or declined over the past 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mix of business in an area, or does it rely upon just one industry?
All these play a role.