Real estate prices are continually changing.
Home values appreciate in the long term for the most part.
But there are no guarantees in real estate, of course.
When your home appreciates you have more resources to borrow against, and you'll make a bigger profit when you sell.
But how do you know what you're investing in now will appreciate over time? Property values in Castro Valley go up and down for a variety of reasons.
It's critical that you select a REALTOR® in Castro Valley who can identify the factors that influence local prices.
Many guess that the economy is the most influential factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and numerous other national factors have a noticeable influence on your house's value.
However, your house's value and the features that play the biggest role in its appreciation are particular to the local Castro Valley economy and housing market.
Access to services - Many of us choose to live in areas with the most convenient factors for homes to develop, such as a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these areas consistently appreciate much more reliably than areas lacking key features.
The latest home sales - You should receive facts and figures on the recent real estate sales in the neighborhoods that you're asking about from your agent. You'll want to analyze figures like time on market and listing price versus selling price.
History of appreciation - In the last 5 to 10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mix of job types in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
Each of these things plays a part.