Property prices are forever in flux.
Over a long enough period of time, house values , in most cases, appreciate.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have more resources to borrow against, and you'll produce a better profit when you sell.
There are numerous reasons why property values in Raleigh vary. So, how will you know what you're investing in right now will appreciate over time?
The most important aspect to consider is that you select a REALTOR® in Raleigh who knows the factors that influence local prices.
A lot of people are convinced that the economy is the biggest factor affecting real estate appreciation.
It goes without saying that
there are a handful of issues on a national level that adjust your property's value: unemployment, mortgage rates, quarterly earnings reports, and more.
However, your house's value and the factors that play the biggest role in its appreciation depend on the local Raleigh economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a major influence on many home buyers' decisions.
So when it comes to retaining their value, these communities typically appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive information on the recent real estate sales in the neighborhoods that you're interested in from your REALTOR®. You'll want to know things like time on market and listing price versus selling price.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is believed to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair mix of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
All these play a role.