Real estate values are continually changing.
Over a long enough period of time, house values , in most cases, appreciate.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll realize a better profit when you sell.
But how will you be sure what you're buying presently will appreciate over time? Property values in Burlington fluctuate for a variety of reasons.
Choosing a real estate agent in Burlington who can identify the factors that influence local prices is the most important thing to consider.
Many think that the economy is the most crucial factor affecting real estate appreciation.
Obviously,
there are numerous issues on a national level that influence your home's value: unemployment, mortgage rates, the stock market, and more.
However, your home's value and the aspects that play the most significant role in its appreciation are particular to the local Burlington economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values.
So these areas usually appreciate, or retain their value consistently, year to year.
Prior home sales - How long do homes typically stay up for sale before closing? Are sellers having to discount much? Some information can be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
Appreciation history - Have property prices gone up or down over the last 5-10 years? Is the neighborhood considered desirable because of its location or affordability?
Local economy - Is there a good combination of job types in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
Each of these elements plays a part.