Home prices are continually changing.
Home values appreciate in the long term normally.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have a bigger asset to borrow against, and you get a greater profit when you sell.
There is a variety of reasons why property values in Dunedin waver. So, how will you know what you're investing in presently will appreciate over time?
It's important that you select an agent in Dunedin who can identify the factors that affect local prices.
The economy is thought to be the most influential factor impacting real estate appreciation.
Obviously,
there are several factors on a national level that impact your house's value: unemployment, interest rates, inflation, and more.
However, your property's value and the components that play the most significant role in its appreciation are specific to the local Dunedin economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values.
So those communities often appreciate, or keep their value, best.
Recent sales - Your agent should give you reports on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have house prices increased or decreased? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy - Is there a nice mix of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a role.