Over time, the value of a piece of real estate will fluctuate up and down.
House values appreciate in the long term generally.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a bigger asset to borrow against, and you get a bigger profit when you sell.
Property values in Dallas change for many different reasons, so how will you be sure what you're buying right now won't depreciate the day after you close?
It's imperative that you pick a real estate agent in Dallas who understands the factors that drive local prices.
Many think that the economy is the most critical factor impacting real estate appreciation.
It goes without saying that
interest rates, unemployment, business growth, government programs and several other national factors have a definite impact on your property's value.
But the most significant issues that figure your property's value are specific to the local Dallas economy and residential market.
Access to services - People typically want homes in the areas with the most accommodating features, such as our work and schools.
So when it comes to holding their value, these areas usually appreciate much more reliably than areas lacking key features.
Prior home sales - What's the time on market? What was the selling price versus the listing price? Some information can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5-10 years, have home prices increased or decreased? Does location or affordability affect how desirable the community is believed to be?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice combination of business in an area, or does it rely on just one industry?
All these play a part.