Home values are forever in flux.
Home values appreciate in the long term in most cases.
But, of course, in real estate there are no guarantees.
When your home appreciates you have a bigger asset to borrow against, and you'll make a greater profit when you sell.
There are different reasons why property values in Loveland rise and fall. So, how can you be sure what you're buying today will appreciate over time?
It's critical that you select a REALTOR® in Loveland who recognizes the factors that affect local prices.
A lot of people assume that the economy is the biggest factor affecting real estate appreciation.
mortgage rates, employment, job growth, government programs and numerous other national determinants have a noticeable influence on your house's value.
However, your house's value and the factors that play the most significant role in its appreciation depend on the local Loveland economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So these communities often appreciate, or keep their value consistently, year to year.
Recent sales - Your real estate agent should give you stats on the recent home sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is thought to be?
Local economy - Is there a good mix of work in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a part.