Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, home values usually appreciate.
But, in real estate there are no "sure things".
When your home appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
Property values in Covina go up and down for a variety of reasons, so how will you know what you're buying presently won't depreciate the day after you close?
Choosing a real estate agent in Covina who recognizes the factors that affect local prices is the most important element to consider.
Many think that the economy is the most critical factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and some other national determinants have a measurable influence on your house's value.
However, your house's value and the factors that play the biggest role in its appreciation are particular to the local Covina economy and housing market.
Access to services - Most people want homes in the districts with the most convenient places we go often or everyday, such as our jobs and schools.
So when it comes to keeping their value, these communities usually appreciate much more reliably than areas lacking key features.
Real estate sales trends - How long do homes typically stay up for sale before closing? Are sellers having to discount much or offer concessions Some information can be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices risen or declined over the past 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good mix of work in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
Each of these things plays a part.