Over time, the value of a piece of real estate will fluctuate up and down.
By and large, home values appreciate in the long term.
But, in real estate there are no "sure things".
When your home appreciates you have a greater asset to borrow against, and you make a larger profit when you sell.
Property values in Loudon County an surrounding County's move up and down for a variety of reasons, so how will you know what you're purchasing this year won't depreciate the day after you close?
Choosing an agent in Lenoir City who recognizes the factors that drive local prices is the most important factor to consider.
What is the biggest factor impacting real estate appreciation? Many guess that it's the economy.
there are a lot of issues on a national level that change your home's value: unemployment, interest rates, business growth, and more.
However, your home's value and the elements that play the most significant role in its appreciation are specific to the local Loudon County an surrounding County's economy and housing market.
Location in a community - Proximity to jobs and schools also have a significant effect on most home buyers' choices.
So when it comes to keeping their value, these communities consistently appreciate the best.
Prior home sales - How fast are homes selling? What was the selling price versus the listing price? A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have house prices increased or decreased? Does location or affordability affect how desirable the community is thought of as?
Local economy - Is there a nice mix of work in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a role.