Over time, the worth of a home will fluctuate up and down.
Property values appreciate in the long term usually.
But, of course, in real estate there are no "sure things".
When your house appreciates you have more equity to borrow against, and you'll realize a better profit when you sell.
Property values in Philadelphia vary for many different reasons, so how can you be sure what you're investing in today won't depreciate the day after you close?
The most important thing to consider is that you go with a REALTOR® in Philadelphia who knows the factors that drive local prices.
The economy is assumed to be the most crucial factor impacting real estate appreciation.
Obviously,
mortgage rates, employment, business growth, government programs and several other national factors have a noticeable influence on your property's value.
But the most influential issues that determine your house's value are particular to the local Philadelphia economy and residential market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values.
So these areas consistently appreciate, or hold their value, best.
Recent sales - Your REALTOR® should provide you with facts and figures on the recent home sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is considered?
Local economy - Is there a nice blend of jobs in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a role.