Understanding Raleigh home prices

Real estate prices are forever in flux. House values appreciate in the long term in most cases. But there is always a certain amount of risk in real estate, of course.

When your property appreciates you have a greater asset to borrow against, and you'll realize a larger profit when you sell. Property values in Raleigh move up and down for various reasons, so how will you be sure what you're buying presently won't depreciate the day after you close? Choosing a REALTOR® in Raleigh who understands the factors that affect local prices is the most important factor.

A lot of people think that the economy is the biggest factor affecting real estate appreciation. It goes without saying that there are some factors on a national level that change your property's value: unemployment, mortgage rates, inflation, and more. But the most significant factors that determine your house's value are specific to the local Raleigh economy and housing market.

Let O'Brien & Associates Realty Inc help you with your first home purchase in Raleigh Location in a community - People typically want homes in the regions with the most useful places we go often or everyday, like our schools and work. So when it comes to holding their value, these communities generally appreciate much more reliably than areas lacking key features.

The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the listing price? A lot of data can 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 last 5-10 years, have home prices increased or decreased? Does location or affordability affect how desirable the area is considered?

The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair blend of jobs in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing? All these play a role.

It's vital to understand the factors that play into your home's market price. Click here to receive an assessment of your house's value. And if you have any questions, call me at 919-332-1070 or e-mail me .

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