Over time, the worth of a house will fluctuate up and down.
For the most part, home values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a bigger asset to borrow against, and you'll see a higher profit when you sell.
But how do you know what you're buying now will appreciate over time? Property values in Raleigh waver for many different reasons.
The most important aspect to consider is that you pick a REALTOR® in Raleigh who is familiar with the factors that influence local prices.
Many assume that the economy is the greatest factor impacting real estate appreciation.
It goes without saying that
there are numerous issues on a national level that affect your property's value: unemployment, mortgage rates, inflation, and more.
However, your house's value and the factors that play the most significant role in its appreciation depend on the local Raleigh economy and housing market.
Location in a community - Most people want homes in the areas with the easiest access to amenities, such as our schools and jobs.
So those areas typically appreciate, or hold their value consistently, year to year.
Prior home sales - How long are homes on the market? Are sellers needing to discount much or offer concessions Some information can often be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the neighborhood is believed to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mix of business in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
Each of these items plays a part.