Over time, the value of a property will go up and down.
Over a long enough period of time, property values generally go up.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll see a greater profit when you sell.
But how do you know what you're investing in today will appreciate over time? Property values in Castro Valley change for numerous reasons.
The most important part is that you choose a real estate agent in Castro Valley who can identify the factors that affect local prices.
What is the biggest factor affecting real estate appreciation? Many assume that it's the economy.
there are quite a few issues on a national level that alter your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
However, your house's value and the features that play the most significant role in its appreciation depend on the local Castro Valley economy and housing market.
Access to services - Most people want homes in the areas with the easiest access to amenities, such as our schools, jobs, and shopping.
So when it comes to holding their value, these communities usually appreciate better than others.
Recent sales - Your agent should give you facts and figures on the recent real estate sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is thought of as?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good blend of jobs in an area, or does it count on just one industry?
These items play a role.