Over time, the value of a home will go up and down.
By and large, property values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a bigger asset to borrow against, and you'll see a better profit when you sell.
There are various reasons why property values in Greenville change. So, how will you know what you're buying now will appreciate over time?
It's imperative that you pick a REALTOR® in Greenville who recognizes the factors that drive local prices.
Many assume that the economy is the number one factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and a lot of other national determinants have a measurable influence on your house's worth.
However, your property's value and the features that play the most significant role in its appreciation are specific to the local Greenville economy and housing market.
Location in a community - Proximity to schools and jobs also have a significant influence on most home buyers' choices.
So these regions usually appreciate, or hold their value, best.
Recent sales - Your agent should provide you with facts and figures on the recent home sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community considered desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair mix of job types in an area, or does it rely upon just one industry?
These items play a role.