Home prices are forever in flux.
Typically, property values appreciate in the long term.
But, in real estate there are no "sure things".
When your house appreciates you have a bigger asset to borrow against, and you'll produce a higher profit when you sell.
There are different reasons why property values in Clovis change. So, how will you know what you're buying this year will appreciate over time?
The most important thing to consider is that you pick a REALTOR® in Clovis who is familiar with the factors that drive local prices.
Many assume that the economy is the most important factor impacting real estate appreciation.
mortgage rates, employment, job growth, government programs and several other national determinants have a definite influence on your home's value.
But the most influential issues that decide your home's value are specific to the local Clovis economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So when it comes to keeping their value, these areas generally appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should provide you with data on the recent real estate sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have property prices gone up or down over the past 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mixture of job types in an area, or does it depend on just one industry?
All these play a part.