Understanding Eastern CT home prices
Over time, the value of a property will go up and down. Home values appreciate in the long term generally. But there is always a certain amount of risk in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll create a greater profit when you sell. Property values in Eastern CT rise and fall for various reasons, so how will you know what you're investing in presently won't depreciate the day after you close? The most important thing to consider is that you go with a real estate agent in Eastern CT who understands the factors that drive local prices.
A lot of people guess that the economy is the most critical factor affecting real estate appreciation. It goes without saying that interest rates, employment, job growth, government programs and a handful of other national factors have a definite effect on your home's value. However, your property's value and the factors that play the biggest role in its appreciation depend on the local Eastern CT economy and housing market.
Access to services - People typically want homes in the areas with the best and most convenient amenities, like our work and schools. So when it comes to retaining their value, these areas usually appreciate the best.
Recent home sales - You should receive reports on the recent real estate sales in the areas that you're asking about from your REALTOR®. You'll need to know things like time on market and seller discounts.
Appreciation history - Have home prices increased or decreased over the past 5 to 10 years? Is the neighborhood believed to be desirable because of its location or affordability?
Local economy - Is there a good mixture of job types in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local companies hiring? Each of these items plays a role.
Identifying the factors that influence your home's worth is important. Visit this link
for an evaluation of your property's value. Call us at (860) 848-8061 or e-mail us
if you have any questions at all. We'd love to hear from you.