Over time, the worth of a home will fluctuate up and down.
Usually, 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 more valuable asset to borrow against, and you'll generate a higher profit when you sell.
Property values in Dallas shift for numerous reasons, so how can you be sure what you're buying today won't depreciate the day after you close?
Choosing an agent in Dallas who is familiar with the factors that influence local prices is the most important element to consider.
The economy is thought to be the top factor impacting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and some other national determinants have a measurable effect on your property's value.
But the most important issues that determine your house's value are particular to the local Dallas economy and housing market.
Location in a community - Proximity to jobs and schools also have a significant impact on many home buyers' decisions.
So those areas generally appreciate, or keep their value consistently, year to year.
The latest home sales - You should receive facts and figures on the recent real estate sales in the neighborhoods that you're asking about from your REALTOR®. You'll want to analyze figures like how long a house stays on the market and asking price versus selling price.
The appreciation history - Is the area considered desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mix of business in an area, or does it rely on just one industry?
All these play a role.
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