Home values are forever in flux.
Usually, house values appreciate in the long term.
But there are no guarantees in real estate, of course.
When your house appreciates you have more equity to borrow against, and you'll generate a greater profit when you sell.
Property values in Fresno move up and down for various reasons, so how will you be sure what you're buying right now won't depreciate the day after you close?
The most important element is that you choose a REALTOR® in Fresno who recognizes the factors that influence local prices.
A lot of people guess that the economy is the most influential factor impacting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and several other national determinants have a definite impact on your home's value.
However, your house's value and the elements that play the most significant role in its appreciation are particular to the local Fresno economy and housing market.
Access to services - Most people want homes in the districts with the easiest access to places we go often or everyday, like our schools and work.
So those areas typically appreciate, or keep their value consistently, year to year.
Recent sales - Your agent should give you information 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 considered desirable because of its location or affordability? Have house prices gone up or down over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice blend of job types in an area, or does it rely on just one industry?
Each of these elements plays a role.