Home prices are constantly moving up and down.
House values appreciate in the long term for the most part.
But, of course, in real estate there are no guarantees.
When your property appreciates you have more equity to borrow against, and you'll produce a bigger profit when you sell.
But how will you be sure what you're purchasing right now will appreciate over time? Property values in Dallas move up and down for different reasons.
The most important element is that you go with an agent in Dallas who recognizes the factors that affect local prices.
What is the most influential factor affecting real estate appreciation? Many think that it's the economy.
mortgage rates, unemployment, job growth, government programs and numerous other national determinants have a measurable effect on your property's value.
However, your house's value and the things that play the most significant role in its appreciation are particular to the local Dallas economy and housing market.
Access to services - Proximity to jobs and schools also have a huge influence on all home buyers' choices.
So when it comes to holding their value, these communities consistently appreciate the best.
Recent sales - Your real estate agent should give you information on the recent home sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5-10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mix of job types in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
Each of these items plays a role.