Property prices are continually changing.
In most cases, house values appreciate in the long term.
But there are no "sure things" in real estate, of course.
When your home appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell.
But how can you be sure what you're investing in presently will appreciate over time? Property values in Anchorage waver for different reasons.
Choosing a REALTOR® in Anchorage who recognizes the factors that drive local prices is the most important part.
Many believe that the economy is the number one factor impacting real estate appreciation.
there are several issues on a national level that adjust your home's value: unemployment, mortgage rates, the stock market, and more.
However, your property's value and the things that play the most significant role in its appreciation are particular to the local Anchorage economy and housing market.
Access to services - Many of us want to live in areas with the most useful features for families to thrive, such as a close proximity to schools, jobs, and work.
So those communities consistently appreciate, or retain their value consistently, year to year.
Real estate sales trends - How long do homes typically stay on the market? What was the selling price compared to the listing price? Some information can often be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair blend of jobs in an area, or does it rely upon just one industry?
Each of these factors plays a part.