Over time, the worth of a piece of real estate will fluctuate up and down.
Normally, house values appreciate in the long term.
But, in real estate there are no guarantees.
When your house appreciates you have more resources to borrow against, and you'll see a bigger profit when you sell.
Property values in Albuquerque go up and down for various reasons, so how do you know what you're purchasing right now won't depreciate the day after you close?
The most important factor is that you choose an agent in Albuquerque who knows the factors that influence local prices.
Many are convinced that the economy is the top factor impacting real estate appreciation.
It goes without saying that
mortgage rates, unemployment, job growth, government programs and a lot of other national factors have a noticeable influence on your house's worth.
However, your house's value and the factors that play the most significant role in its appreciation are specific to the local Albuquerque economy and housing market.
Access to services - People typically want homes in the districts with the easiest access to places we go often or everyday, like our schools and work.
So when it comes to holding their value, these communities generally appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should provide you with facts and figures on the recent home sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices risen or declined over the past 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mixture of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
These items play a part.