Real estate prices are forever in flux.
Home values appreciate in the long term almost always.
But there are no "sure things" in real estate, of course.
When your home appreciates you have a more valuable asset to borrow against, and you make a greater profit when you sell.
There are numerous reasons why property values in Gilbert go up and down. So, how do you know what you're buying this year will appreciate over time?
It's imperative that you choose an agent in Gilbert who is familiar with the factors that drive local prices.
The economy is assumed to be the most critical factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and a handful of other national factors have a measurable impact on your house's value.
However, your home's value and the factors that play the biggest role in its appreciation are particular to the local Gilbert economy and housing market.
Access to services - Proximity to schools and jobs also have a great effect on all home buyers' choices.
So those regions usually appreciate, or retain their value consistently, year to year.
Recent home sales - You should receive facts and figures on the recent real estate sales in the regions that you're asking about from your REALTOR®. You'll need to analyze data like how long a house stays on the market and listing price versus selling price.
History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is thought to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mix of jobs in an area, or does it depend on just one industry?
Each of these elements plays a role.