Property values are continually changing.
Almost always, home values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a bigger asset to borrow against, and you'll create a better profit when you sell.
There are different reasons why property values in Covina fluctuate. So, how will you be sure what you're buying this year will appreciate over time?
It's critical that you go with a REALTOR® in Covina who understands the factors that affect local prices.
What is the most influential factor affecting real estate appreciation? Many assume that it's the economy.
mortgage rates, unemployment, job growth, government programs and some other national determinants have a noticeable effect on your house's value.
However, your house's value and the features that play the most significant role in its appreciation are specific to the local Covina economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many us and will greatly influence home values.
So when it comes to holding their value, these communities consistently appreciate the best.
Real estate sales trends - How fast are houses selling? What was the final sales amount versus the asking price? Some information can often be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?
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 part.