What drives property values in Middle Tennessee to move up and down?
Over time, the worth of a piece of real estate will go up and down. Usually, house values appreciate in the long term. But, of course, in real estate there are no "sure things".
When your home appreciates you have more resources to borrow against, and you'll see a better profit when you sell. Property values in Middle Tennessee vary for a variety of reasons, so how do you know what you're buying today won't depreciate the day after you close? Choosing an agent in Middle Tennessee who is familiar with the factors that affect local prices is the most important aspect to consider.
Many assume that the economy is the most important factor affecting real estate appreciation. Clearly, there are some factors on a national level that adjust your house's value: unemployment, mortgage rates, the stock market, and more. However, your property's value and the aspects that play the biggest role in its appreciation are specific to the local Middle Tennessee economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values. So these communities generally appreciate, or carry their value, best.
Recent home sales - You should receive data on the recent real estate sales in the regions 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 seller discounts.
History of appreciation - In the last 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair mix of work in an area, or does it depend on just one industry? All these play a part.
Knowing the factors that impact your house's value is important. Click here
to get an assessment of your home's value. Please call us at 615-647-5912 or e-mail us
with any questions.