Real estate values are constantly moving up and down.
House values appreciate in the long term in most cases.
But there are no guarantees in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you make a greater profit when you sell.
Property values in Annapolis shift for numerous reasons, so how can you be sure what you're purchasing now won't depreciate the day after you close?
Choosing a real estate agent in Annapolis who recognizes the factors that influence local prices is the most important thing to consider.
The economy is believed to be the most critical factor affecting real estate appreciation.
Obviously,
mortgage rates, unemployment, business growth, government programs and a handful of other national factors have a noticeable impact on your property's worth.
However, your property's value and the factors that play the biggest role in its appreciation are particular to the local Annapolis economy and housing market.
Access to services - Proximity to work and schools also have a significant impact on almost all home buyers' choices.
So those regions usually appreciate, or carry their value, best.
Real estate sales trends - What's the time on market? Are sellers needing to discount much? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have home prices gone up or down over the last 5-10 years?
Local economy - Is there a nice mix of job types in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these items plays a role.