Over time, the value of a home will go up and down.
Over a long enough period of time, home values , for the most part, appreciate.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you'll generate a better profit when you sell.
There are various reasons why property values in Greenville go up and down. So, how can you be sure what you're investing in this year will appreciate over time?
It's important that you select a real estate agent in Greenville who is familiar with the factors that drive local prices.
Many think that the economy is the number one factor impacting real estate appreciation.
interest rates, unemployment, job growth, government programs and numerous other national factors have a definite influence on your home's worth.
But the most significant issues that figure your house's value depend on the local Greenville economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So these regions often appreciate, or retain their value, best.
Real estate sales trends - How quickly are homes selling? Are sellers having to discount much? Some information can be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
Appreciation history - Have home prices increased or decreased over the past 5 to 10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a fair combination of jobs in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring?
These items play a role.