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Property prices are constantly moving up and down. Over a long enough period of time, home values normally appreciate. But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more equity to borrow against, and you'll make a higher profit when you sell. Property values in Baldwin fluctuate for various reasons, so how can you be sure what you're buying now won't depreciate the day after you close? Choosing a REALTOR® in Baldwin who recognizes the factors that drive local prices is the most important thing to consider.
What is the biggest factor impacting real estate appreciation? Many think that it's the economy. Clearly, there are a lot of issues on a national level that influence your house's value: unemployment, mortgage rates, quarterly earnings reports, and more. However, your house's value and the features that play the biggest role in its appreciation are specific to the local Baldwin economy and housing market.
Access to services - Proximity to work and schools also have a huge impact on most home buyers' choices. So when it comes to keeping their value, these areas often appreciate better than others.
Recent home sales - You should receive facts and figures on the recent real estate sales in the districts that you'd like to live in from your REALTOR®. You'll need to know things like how long a house stays on the market and asking price versus selling price.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?
Local economy - Is there a good mixture of jobs in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring? Each of these elements plays a role.