Property values are constantly moving up and down.
Over a long enough period of time, property values , for the most part, go up.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
But how can you be sure what you're investing in presently will appreciate over time? Property values in Albuquerque rise and fall for various reasons.
It's imperative that you pick a REALTOR® in Albuquerque who can identify the factors that drive local prices.
The economy is assumed to be the greatest factor affecting real estate appreciation.
It goes without saying that
there are a handful of factors on a national level that affect your home's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most important things that determine your house's value are specific to the local Albuquerque economy and residential market.
Access to services - Many home buyers decide to live in districts with the most helpful features for homes to develop, like a close proximity to schools, jobs, and work.
So those areas typically appreciate, or keep their value, best.
The latest home sales - You should receive figures on the recent real estate sales in the areas that you're asking about from your real estate agent. You'll want to learn data like how long a house stays on the market and asking price versus selling price.
Appreciation history - Have property prices gone up or down over the last 5 to 10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a good mix of work in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a role.