Over time, the worth of a home will fluctuate up and down.
Almost always, house values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have more resources to borrow against, and you make a larger profit when you sell.
But how can you be sure what you're investing in today will appreciate over time? Property values in Greenville shift for different reasons.
The most important factor to consider is that you go with an agent in Greenville who understands the factors that affect local prices.
Many assume that the economy is the most influential factor impacting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and numerous other national factors have a measurable influence on your property's value.
However, your property's value and the things that play the most significant role in its appreciation depend on the local Greenville economy and housing market.
Access to services - Most people want homes in the regions with the easiest access to amenities, like our schools, jobs, and shopping.
So when it comes to keeping their value, these regions usually appreciate the best.
Recent sales - Your real estate agent should give you stats on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mixture of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing?
These items play a part.