Over time, the worth of a home will go up and down.
Over a long enough period of time, home values usually go up.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have more equity to borrow against, and you'll generate a bigger profit when you sell.
Property values in Raleigh change for numerous reasons, so how do you know what you're purchasing this year won't depreciate the day after you close?
It's critical that you choose an agent in Raleigh who knows the factors that drive local prices.
A lot of people guess that the economy is the greatest factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and quite a few other national factors have a definite impact on your property's value.
But the most influential factors that decide your home's value depend on the local Raleigh economy and residential market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values.
So when it comes to keeping their value, these areas often appreciate better than others.
Recent home sales - You should receive reports on the recent real estate sales in the areas that you'd like to live in from your REALTOR®. You'll need to know data like how long a house stays on the market and listing price versus selling price.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought of as?
Local economy - Is there a fair mixture of business in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a role.