Real estate values are continually changing.
Over a long enough period of time, home values normally go up.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you'll produce a higher profit when you sell.
But how will you be sure what you're buying presently will appreciate over time? Property values in Raleigh fluctuate for different reasons.
Choosing a REALTOR® in Raleigh who is familiar with the factors that influence local prices is the most important aspect.
The economy is believed to be the most important factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and a handful of other national factors have a noticeable impact on your home's value.
However, your home's value and the things that play the biggest role in its appreciation depend on the local Raleigh economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to many us and will greatly influence home values.
So when it comes to keeping their value, these regions usually appreciate the best.
Recent sales - Your REALTOR® should give you facts and figures on the recent home sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices risen or declined over the last 5 to 10 years?
Local economy - Is there a fair mixture of business in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a part.