Over time, the value of a property will go up and down.
Over a long enough period of time, house values normally go up.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you'll generate a bigger profit when you sell.
There is a variety of reasons why property values in Castro Valley rise and fall. So, how can you be sure what you're purchasing right now will appreciate over time?
Choosing a real estate agent in Castro Valley who recognizes the factors that influence local prices is the most important factor.
Many think that the economy is the number one factor impacting real estate appreciation.
mortgage rates, employment, job growth, government programs and many other national factors have a noticeable influence on your property's value.
But the most influential issues that determine your house's value depend on the local Castro Valley economy and residential market.
Location in a community - People typically want homes in the districts with the most accommodating features, such as our schools and jobs.
So those areas often appreciate, or keep their value consistently, year to year.
The latest home sales - You should receive figures on the recent real estate sales in the areas that you're interested in from your REALTOR®. You'll want to know figures like time on market and listing price versus selling price.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair blend of business in an area, or does it rely upon just one industry?
All these play a role.
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