What drives property values in Katy to move up and down?
Property prices are constantly moving up and down. Property values appreciate in the long term in most cases. But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more resources to borrow against, and you'll make a larger profit when you sell. But how will you be sure what you're investing in right now will appreciate over time? Property values in Katy move up and down for various reasons. Choosing a REALTOR® in Katy who understands the factors that influence local prices is the most important aspect to consider.
What is the most critical factor affecting real estate appreciation? Many think that it's the economy. It goes without saying that mortgage rates, employment, job growth, government programs and a lot of other national determinants have a noticeable impact on your property's value. However, your home's value and the elements that play the biggest role in its appreciation are specific to the local Katy economy and housing market.
Access to services - Proximity to work and schools also have a major effect on all home buyers' decisions. So these communities typically appreciate, or retain their value consistently, year to year.
Real estate sales trends - What's the time on market? What was the selling price compared to the listing price? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
Appreciation history - Have house prices increased or decreased over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good blend of business in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing? Each of these elements plays a role.