Burlington home prices: Need some help understanding why they appreciate?

Home values are forever in flux. Almost always, house values appreciate in the long term. But, of course, there are no "sure things" in real estate.

When your property appreciates you have more equity to borrow against, and you'll create a greater profit when you sell. Property values in Burlington change for various reasons, so how will you be sure what you're investing in right now won't depreciate the day after you close? The most important thing is that you choose an agent in Burlington who recognizes the factors that drive local prices.

The economy is assumed to be the most crucial factor affecting real estate appreciation. Clearly, interest rates, unemployment, business growth, government programs and many other national factors have a noticeable effect on your home's value. However, your home's value and the components that play the biggest role in its appreciation depend on the local Burlington economy and housing market.

Let David Massey Real Estate help you with your first home purchase in Burlington Access to services - People typically want homes in the districts with the most accommodating places we go often or everyday, like our schools and work. So when it comes to keeping their value, these areas typically appreciate the best.

Trends in home sales - What's the time on market? What was the final sales amount compared to the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.

The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have house prices risen or declined over the last 5-10 years?

Local economy - Is there a nice mix of business in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring? All these play a role.

Knowing the factors that affect your house's price is important. Click here to get an evaluation of your home's value. Call me at (336) 226-9374 or e-mail me if you have any questions at all. I'd love to hear from you.

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