Over time, the worth of a house will fluctuate up and down.
Normally, property values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you make a greater profit when you sell.
There are many different reasons why property values in Raleigh change. So, how will you know what you're purchasing today will appreciate over time?
The most important element to consider is that you pick a REALTOR® in Raleigh who knows the factors that affect local prices.
What is the most influential factor impacting real estate appreciation? Many assume that it's the economy.
mortgage rates, unemployment, job growth, government programs and some other national determinants have a noticeable effect on your house's worth.
But the most significant things that decide your property's value are specific to the local Raleigh economy and housing market.
Location in a community - Most people want homes in the districts with the easiest access to features, such as our schools, jobs, and shopping.
So when it comes to keeping their value, these areas consistently appreciate the best.
Recent sales - Your REALTOR® should provide you with stats on the recent real estate sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the neighborhood is believed to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mix of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
Each of these factors plays a part.