Real estate prices are constantly moving up and down. In most cases, home values appreciate in the long term. But, in real estate there are no guarantees.
When your home appreciates you have a bigger asset to borrow against, and you'll create a larger profit when you sell. There are numerous reasons why property values in Yukon fluctuate. So, how do you know what you're buying now will appreciate over time? The most important thing is that you pick a real estate agent in Yukon who is familiar with the factors that influence local prices.
The economy is believed to be the major factor impacting real estate appreciation. It goes without saying that interest rates, unemployment, business growth, government programs and several other national factors have a noticeable impact on your house's worth. But the most influential things that determine your home's value are specific to the local Yukon economy and residential market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values. So when it comes to holding their value, these regions consistently appreciate better than others.
Real estate sales trends - How long are homes up for sale before closing? What was the selling price versus the listing price? Some information can be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have house prices risen or declined over the last 5-10 years? Is the area thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice combination of jobs in an area, or does it rely upon just one industry? Each of these items plays a part.