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Appreciation represents the increase in home values over time. Real estate prices are cyclical, and homeowners shouldn't expect the property's value to increase drastically in the short-term. But if you stay in your home long enough, there's a very good likelihood you will be able to sell your home for a profit because of appreciation later in the future.

Real estate appreciates primarily because of the land on which the home sits, while the actual structure depreciates as time goes by. So the expression "location, location, location" is not just a real estate catch-phrase, but a very important consideration when buying a home. The neighborhood with the amenities it brings school districts, parks, condition of roads, etc. and the city where the home is located all factor into the property's appreciation.