Over time, the value of a home will go up and down.
House values appreciate in the long term generally.
But, in real estate there are no "sure things".
When your home appreciates you have a larger asset to borrow against, and you make a greater profit when you sell.
But how will you be sure what you're purchasing presently will appreciate over time? Property values in Tamuning change for numerous reasons.
It's critical that you select an agent in Tamuning who recognizes the factors that drive local prices.
What is the top factor impacting real estate appreciation? Many are convinced that it's the economy.
Clearly,
mortgage rates, employment, business growth, government programs and numerous other national determinants have a noticeable effect on your house's value.
But the most influential issues that decide your house's value depend on the local Tamuning economy and residential market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So these communities usually appreciate, or hold their value consistently, year to year.
Recent sales - Your agent should give you reports on the recent real estate sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices risen or declined over the last 5 to 10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mix of jobs in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
Each of these factors plays a role.