Real estate prices are continually changing.
Home values appreciate in the long term by and large.
But, in real estate there are no guarantees.
When your home appreciates you have more resources to borrow against, and you'll make a higher profit when you sell.
There is a variety of reasons why property values in Dallas shift. So, how can you be sure what you're buying now will appreciate over time?
The most important aspect is that you go with a real estate agent in Dallas who knows the factors that affect local prices.
Many believe that the economy is the most important factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and some other national determinants have a definite effect on your home's value.
However, your home's value and the components that play the biggest role in its appreciation are specific to the local Dallas economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So when it comes to retaining their value, these communities typically appreciate the best.
Recent home sales - You should receive facts and figures on the recent real estate sales in the neighborhoods that you're interested in from your REALTOR®. You'll need to analyze figures like time on market and asking price versus selling price.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have property prices gone up or down over the last 5 to 10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice combination of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
These items play a part.