Property values are continually changing.
Generally, property values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your property appreciates you have a bigger asset to borrow against, and you'll produce a bigger profit when you sell.
But how will you know what you're purchasing right now will appreciate over time? Property values in Lancaster fluctuate for different reasons.
It's critical that you choose a REALTOR® in Lancaster who is familiar with the factors that influence local prices.
What is the greatest factor impacting real estate appreciation? Many think that it's the economy.
interest rates, unemployment, job growth, government programs and some other national determinants have a measurable effect on your property's value.
But the most important things that figure your property's value are particular to the local Lancaster economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So those regions generally appreciate, or hold their value consistently, year to year.
The latest home sales - You should receive information on the recent real estate sales in the districts that you'd like to live in from your agent. You'll want to learn figures like time on market and seller discounts.
History of appreciation - In the past 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the area is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice blend of jobs in an area, or does it depend on just one industry?
All these play a part.