Over time, the value of a property will go up and down.
Home values appreciate in the long term by and large.
But, of course, in real estate there are no guarantees.
When your home appreciates you have more equity to borrow against, and you'll realize a larger profit when you sell.
There are different reasons why property values in Burlington change. So, how can you be sure what you're buying this year will appreciate over time?
Choosing a real estate agent in Burlington who knows the factors that affect local prices is the most important factor.
What is the most critical factor affecting real estate appreciation? Many are convinced that it's the economy.
there are a handful of factors on a national level that impact your property's value: unemployment, interest rates, consumer confidence, and more.
However, your home's value and the elements that play the most significant role in its appreciation are specific to the local Burlington economy and housing market.
Location in a community - People typically want homes in the districts with the easiest access to amenities, like our schools and work.
So when it comes to holding their value, these communities typically appreciate the best.
The latest home sales - How quickly are homes selling? Are sellers having to discount much or offer concessions Some information can often be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is considered?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mix of job types in an area, or does it rely upon just one industry?
These items play a part.