Over time, the value of a home will go up and down.
Property values appreciate in the long term generally.
But, of course, there are no "sure things" in real estate.
When your home appreciates you have a greater asset to borrow against, and you'll see a larger profit when you sell.
There is a variety of reasons why property values in Raleigh vary. So, how can you be sure what you're investing in right now will appreciate over time?
It's important that you select a REALTOR® in Raleigh who recognizes the factors that drive local prices.
What is the most crucial factor impacting real estate appreciation? Many assume that it's the economy.
there are many issues on a national level that alter your property's value: unemployment, interest rates, the stock market, and more.
But the most important factors that figure your home's value are particular to the local Raleigh economy and housing market.
Access to services - Many of us decide to live in regions with the most useful traits for families to thrive, such as a close proximity to schools, jobs, and work.
So these regions typically appreciate, or hold their value, best.
Recent sales - Your agent should give you facts and figures 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.
Appreciation history - Have home 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 businesses moved into or away from an area? Are local businesses hiring? Is there a good mixture of job types in an area, or does it rely upon just one industry?
These items play a role.