Canton home prices: Need some help understanding why they appreciate?

Home prices are continually changing. Normally, property values appreciate in the long term. But, of course, in real estate there is always a certain amount of risk.

When your home appreciates you have a more valuable asset to borrow against, and you get a greater profit when you sell. But how can you be sure what you're buying right now will appreciate over time? Property values in Canton change for various reasons. It's imperative that you go with a real estate agent in Canton who understands the factors that affect local prices.

Many are convinced that the economy is the most critical factor impacting real estate appreciation. It goes without saying that there are quite a few issues on a national level that impact your property's value: unemployment, mortgage rates, inflation, and more. However, your home's value and the components that play the most significant role in its appreciation are specific to the local Canton economy and housing market.

Let Pitts Realty help you with your first home purchase in Canton Access to services - Many of us decide to live in districts with the most conducive elements for homes to grow, like a close proximity to schools, jobs, and work. So those areas typically appreciate, or carry their value consistently, year to year.

Recent sales - Your agent should give you reports on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.

The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have house prices increased or decreased over the last 5-10 years?

Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mixture of jobs in an area, or does it rely upon just one industry? Each of these elements plays a role.

It's worthwhile to know the factors that influence your property's price. Click here to receive an evaluation of your home's value. Please call us at 903-567-4819 or e-mail us with any questions.

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