Over time, the value of a home will fluctuate up and down.
Over a long enough period of time, house values , by and large, appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll realize a higher profit when you sell.
But how will you know what you're buying now will appreciate over time? Property values in Niceville move up and down for many different reasons.
It's imperative that you choose a REALTOR® in Niceville who knows the factors that influence local prices.
A lot of people believe that the economy is the greatest factor affecting real estate appreciation.
interest rates, unemployment, job growth, government programs and a lot of other national factors have a definite influence on your house's value.
However, your property's value and the elements that play the most significant role in its appreciation are specific to the local Niceville economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So those communities generally appreciate, or carry their value, best.
Trends in home sales - How long are homes up for sale before closing? What was the selling price versus the listing price? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices risen or declined over the past 5 to 10 years? Is the community considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mixture of work in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
All these play a role.