Ed's Chesprocott Region Blog

Prospect CT Home Prices: How do They Appreciate in Value?

Prospect CT Home Prices: How do They Appreciate in Value?

Over time, the value of a piece of real estate will go up and down. Property values appreciate in the long term typically. But there is always a certain amount of risk in real estate, of course.

When your Prospect CT property appreciates, you as the proud owner now have a larger asset to borrow against, and you'll see a higher profit when you sell. Property values in Prospect CT rise and fall for various reasons, so how do you know what you're purchasing now won't depreciate the day after you close? Choosing an agent in Prospect CT who is familiar with the factors that influence local prices is the most important thing to consider.

 

What is my home worth?

 

A lot of people assume that the economy is the top factor affecting real estate appreciation. Obviously, mortgage rates, unemployment, job growth, government programs and numerous other national factors have a noticeable effect on your home's value. However, your home's value and the aspects that play the most significant role in its appreciation depend on the local Prospect CT economy and housing market.

Prospect CT Home Prices: How do They Appreciate in Value?

Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many us and will greatly influence home values. So those regions often appreciate, or retain their value, best.

Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much? A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.

History of appreciation - In the past 5-10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is considered?

Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair mix of business in an area, or does it rely on just one industry? All these play a part.

Learning the factors that impact your property's worth is important. Visit this link for an estimation of your home's value. Have any questions? Please feel free to call me at (203) 758-6440 or e-mail me.

Getting a professional estimate of your home's value is important especially if you are considering selling in the near future.

 

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Prospect CT Home Prices: How do They Appreciate in Value?

 

 

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Do you know somebody who is behind on their mortgage and doesn't know what to do? I may be able to help them, especially if they are facing foreclosure!

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Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,  www.edwardsilva.com  203-206-0754

Comment balloon 8 commentsEd Silva • February 03 2017 06:16PM
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