What drives property values in Katy to move up and down?
Property prices are continually changing. In most cases, house values appreciate in the long term. But, in real estate there are no guarantees.
When your property appreciates you have more equity to borrow against, and you'll create a greater profit when you sell. Property values in Katy rise and fall for many different reasons, so how will you know what you're purchasing right now won't depreciate the day after you close? Choosing an agent in Katy who can identify the factors that drive local prices is the most important element.
The economy is believed to be the greatest factor impacting real estate appreciation. Obviously, mortgage rates, employment, business growth, government programs and several other national determinants have a definite impact on your property's value. However, your property's value and the factors that play the biggest role in its appreciation depend on the local Katy economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values. So when it comes to keeping their value, these communities usually appreciate the best.
Recent sales - Your real estate agent should provide you with stats on the recent home sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the past 5 to 10 years? Is the community thought to be desirable because of its location or affordability?
Local economy - Is there a fair blend of business in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring? All these play a part.