Property prices are constantly moving up and down.
Over a long enough period of time, house values , for the most part, appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you get a greater profit when you sell.
There are various reasons why property values in Raleigh vary. So, how do you know what you're purchasing right now will appreciate over time?
The most important part is that you pick a REALTOR® in Raleigh who knows the factors that influence local prices.
The economy is thought to be the biggest factor impacting real estate appreciation.
It goes without saying that
there are several issues on a national level that influence your home's value: unemployment, interest rates, consumer confidence, and more.
However, your house's value and the elements that play the biggest role in its appreciation are specific to the local Raleigh economy and housing market.
Location in a community - Proximity to jobs and schools also have a great effect on all home buyers' choices.
So when it comes to retaining their value, these communities typically appreciate better than others.
The latest home sales - You should receive statistics on the recent real estate sales in the regions that you're asking about from your agent. You'll want to analyze data like how long a house stays on the market and asking price as opposed to selling price.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have house prices risen or declined over the past 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mixture of work in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
These items play a part.
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