Home prices are forever in flux.
By and large, home values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your home appreciates you have a greater asset to borrow against, and you'll make a bigger profit when you sell.
There are many different reasons why property values in Burlington go up and down. So, how will you be sure what you're buying presently will appreciate over time?
The most important part is that you choose an agent in Burlington who is familiar with the factors that affect local prices.
What is the most crucial factor impacting real estate appreciation? Many believe that it's the economy.
After all,
mortgage rates, unemployment, business growth, government programs and quite a few other national factors have a definite impact on your property's value.
However, your property's value and the factors that play the biggest role in its appreciation are specific to the local Burlington economy and housing market.
Access to services - Most people want homes in the districts with the most useful places we go often or everyday, such as our schools and work.
So when it comes to retaining their value, these communities often appreciate better than others.
Real estate sales trends - How fast are homes selling? What was the selling price versus the asking price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
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?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair mixture of jobs in an area, or does it rely on just one industry?
These items play a role.