Over time, the value of a home will go up and down.
Over a long enough period of time, house values typically appreciate.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a bigger asset to borrow against, and you get a larger profit when you sell.
But how will you know what you're purchasing presently will appreciate over time? Property values in Burlington go up and down for various reasons.
Choosing a real estate agent in Burlington who is familiar with the factors that influence local prices is the most important element to consider.
What is the most influential factor affecting real estate appreciation? Many believe that it's the economy.
Naturally,
there are many issues on a national level that affect your home's value: unemployment, interest rates, business growth, and more.
However, your home's value and the factors that play the biggest role in its appreciation are particular to the local Burlington economy and housing market.
Location in a community - People typically want homes in the areas with the best and most convenient places we go often or everyday, like our jobs and schools.
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 real estate sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have house prices increased or decreased over the past 5-10 years?
Local economy - Is there a good combination of work in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a role.