Property prices are forever in flux.
Over a long enough period of time, house values almost always go up.
But, of course, there are no "sure things" in real estate.
When your home appreciates you have more resources to borrow against, and you'll produce a higher profit when you sell.
Property values in Myrtle Beach rise and fall for various reasons, so how do you know what you're investing in today won't depreciate the day after you close?
It's important that you select a REALTOR® in Myrtle Beach who can identify the factors that influence local prices.
A lot of people believe that the economy is the biggest factor affecting real estate appreciation.
It goes without saying that
there are a handful of factors on a national level that influence your property's value: unemployment, mortgage rates, the stock market, and more.
However, your property's value and the features that play the biggest role in its appreciation depend on the local Myrtle Beach economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values.
So these regions generally appreciate, or carry their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with statistics on the recent home sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought to be desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?
Local economy - Is there a nice mixture of business in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a role.