Over time, the value of a house will go up and down.
Home values appreciate in the long term usually.
But there is always a certain amount of risk in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll see a better profit when you sell.
But how will you know what you're buying this year will appreciate over time? Property values in Burlington move up and down for many different reasons.
Choosing an agent in Burlington who understands the factors that affect local prices is the most important aspect.
A lot of people guess that the economy is the most critical factor affecting real estate appreciation.
interest rates, unemployment, job growth, government programs and many other national determinants have a measurable influence on your property's value.
But the most influential things that determine your home's value are specific to the local Burlington economy and housing market.
Access to services - Proximity to schools and work also have a great influence on all home buyers' decisions.
So those regions usually appreciate, or retain their value, best.
Recent sales - Your agent should provide you with statistics on the recent real estate sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mix of business in an area, or does it rely upon just one industry?
These items play a role.
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