Property values are forever in flux.
Almost always, property values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your house appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
But how will you know what you're investing in right now will appreciate over time? Property values in Evansville vary for numerous reasons.
It's imperative that you choose a real estate agent in Evansville who is familiar with the factors that drive local prices.
Many believe that the economy is the most critical factor affecting real estate appreciation.
mortgage rates, employment, job growth, government programs and a handful of other national determinants have a measurable impact on your home's value.
But the most important factors that figure your home's value are particular to the local Evansville economy and housing market.
Access to services - Most people want homes in the areas with the easiest access to amenities, like our schools and work.
So these regions consistently appreciate, or keep their value, best.
Recent sales - Your agent should provide you with figures on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is believed to be?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mix of business in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
These items play a part.