Over time, the value of a piece of real estate will fluctuate up and down.
Home values appreciate in the long term in most cases.
But, in real estate there are no guarantees.
When your home appreciates you have more equity to borrow against, and you'll realize a better profit when you sell.
Property values in Anchorage shift for a variety of reasons, so how can you be sure what you're buying today won't depreciate the day after you close?
It's imperative that you pick an agent in Anchorage who can identify the factors that influence local prices.
A lot of people believe that the economy is the greatest factor affecting real estate appreciation.
It goes without saying that
there are a lot of factors on a national level that alter your home's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your house's value and the components that play the most significant role in its appreciation are particular to the local Anchorage economy and housing market.
Location in a community - Proximity to schools and work also have a great influence on almost all home buyers' decisions.
So when it comes to holding their value, these regions typically appreciate better than others.
Recent sales - Your REALTOR® should give you stats on the recent home sales in the neighborhoods that you'd like to live in. 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 increased or decreased? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mixture of work in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
All these play a part.
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