Home values are constantly moving up and down. Typically, home values appreciate in the long term. But, of course, in real estate there are no "sure things".
When your property appreciates you have more resources to borrow against, and you'll generate a higher profit when you sell. But how will you be sure what you're buying presently will appreciate over time? Property values in Rice Lake fluctuate for different reasons. The most important part is that you choose a REALTOR® in Rice Lake who can identify the factors that drive local prices.
The economy is thought to be the number one factor impacting real estate appreciation. It goes without saying that there are several issues on a national level that change your property's value: unemployment, interest rates, inflation, and more. However, your home's value and the elements that play the biggest role in its appreciation depend on the local Rice Lake economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a significant influence on most home buyers' choices. So these areas often appreciate, or keep their value, best.
Recent sales - Your agent should give you stats 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 house prices risen or declined over the last 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
Local economy - Is there a nice blend 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 companies hiring? Each of these factors plays a role.