Home prices are forever in flux.
Over a long enough period of time, property values almost always appreciate.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll create a bigger profit when you sell.
There are different reasons why property values in Louisville move up and down. So, how can you be sure what you're investing in today will appreciate over time?
The most important aspect to consider is that you select a real estate agent in Louisville who knows the factors that affect local prices.
A lot of people are convinced that the economy is the top factor affecting real estate appreciation.
It goes without saying that
interest rates, unemployment, business growth, government programs and a lot of other national determinants have a noticeable effect on your property's value.
However, your house's value and the aspects that play the biggest role in its appreciation depend on the local Louisville economy and housing market.
Location in a community - Many consumers choose to live in areas with the most conducive amenities for families to succeed, such as a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these areas usually appreciate better than others.
Recent home sales - You should receive statistics on the recent real estate sales in the regions that you're asking about from your agent. You'll want to learn figures like time on market and seller discounts.
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?
Local economy - Is there a nice mix of job types in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a role.