Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, home values , in most cases, appreciate.
But, in real estate there are no guarantees.
When your home appreciates you have a larger asset to borrow against, and you'll create a bigger profit when you sell.
There are different reasons why property values in Anchorage change. So, how do you know what you're buying today will appreciate over time?
It's imperative that you choose an agent in Anchorage who is familiar with the factors that influence local prices.
The economy is assumed to be the most critical factor impacting real estate appreciation.
mortgage rates, employment, business growth, government programs and a handful of other national determinants have a measurable impact on your house's value.
But the most significant things that determine your house's value depend on the local Anchorage economy and residential market.
Access to services - Many home buyers prefer to live in areas with the best and most convenient elements for families to succeed, like a close proximity to schools, jobs, and work.
So those regions typically appreciate, or hold their value consistently, year to year.
The latest home sales - You should receive data on the recent real estate sales in the areas that you're asking about from your agent. You'll want to learn figures like time on market and seller discounts.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have home prices gone up or down over the past 5-10 years?
Local economy - Is there a nice combination of jobs in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a part.