Over time, the value of a piece of real estate will fluctuate up and down.
Property values appreciate in the long term in most cases.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell.
But how will you be sure what you're purchasing now will appreciate over time? Property values in Raleigh waver for various reasons.
Choosing a REALTOR® in Raleigh who recognizes the factors that affect local prices is the most important element to consider.
A lot of people guess that the economy is the most important factor impacting real estate appreciation.
mortgage rates, employment, job growth, government programs and numerous other national determinants have a definite effect on your home's value.
But the most influential issues that figure your property's value are particular to the local Raleigh economy and housing market.
Access to services - Many of us wish to live in areas with the most useful factors for homes to grow, like a close proximity to schools, jobs, and work.
So when it comes to holding their value, these areas consistently appreciate better than others.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the listing price? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought to be?
Local economy - Is there a nice mix of business in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a part.