Over time, the value of a property will fluctuate up and down.
Home values appreciate in the long term normally.
But, in real estate there are no "sure things".
When your house appreciates you have more resources to borrow against, and you'll create a better profit when you sell.
Property values in Maryland move up and down for many different reasons, so how do you know what you're purchasing presently won't depreciate the day after you close?
Choosing a real estate agent in Maryland who understands the factors that drive local prices is the most important element.
The economy is assumed to be the most important factor affecting real estate appreciation.
interest rates, unemployment, business growth, government programs and some other national determinants have a noticeable effect on your house's value.
But the most influential things that decide your property's value depend on the local Maryland economy and residential market.
Access to services - Many of us decide to live in districts with the most helpful elements for families to succeed, like a close proximity to jobs and schools.
So those communities consistently appreciate, or keep their value consistently, year to year.
Recent sales - Your REALTOR® should give you stats on the recent home sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have house prices increased or decreased? Does location or affordability affect how desirable the area is considered?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair combination of job types in an area, or does it count on just one industry?
Each of these things plays a role.