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Over time, the value of a piece of real estate will fluctuate up and down. Normally, house values appreciate in the long term. But, in real estate there are no "sure things".
When your property appreciates you have more equity to borrow against, and you'll generate a bigger profit when you sell. Property values in Algonquin waver for numerous reasons, so how can you be sure what you're purchasing presently won't depreciate the day after you close? The most important element to consider is that you select an agent in Algonquin who understands the factors that influence local prices.
What is the number one factor affecting real estate appreciation? Many think that it's the economy. Naturally, mortgage rates, employment, job growth, government programs and a handful of other national determinants have a noticeable effect on your home's value. However, your home's value and the features that play the most significant role in its appreciation depend on the local Algonquin economy and housing market.
Access to services - Proximity to work and schools also have a huge impact on almost all home buyers' decisions. So these communities often appreciate, or retain their value, best.
Recent sales - Your REALTOR® should give you facts and figures on the recent real estate sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have house prices gone up or down over the last 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mixture of business in an area, or does it rely upon just one industry? These items play a part.
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