Over time, the worth of a property will fluctuate up and down.
Over a long enough period of time, house values typically go up.
But, in real estate there are no guarantees.
When your home appreciates you have more equity to borrow against, and you get a higher profit when you sell.
But how can you be sure what you're purchasing right now will appreciate over time? Property values in Raleigh change for numerous reasons.
The most important element to consider is that you go with a real estate agent in Raleigh who is familiar with the factors that drive local prices.
Many think that the economy is the most crucial factor impacting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and a lot of other national factors have a definite effect on your property's worth.
However, your property's value and the components that play the biggest role in its appreciation depend on the local Raleigh economy and housing market.
Location in a community - People typically want homes in the districts with the most accommodating features, like our schools, jobs, and shopping.
So these communities usually appreciate, or carry their value, best.
Recent sales - Your agent should provide you with facts and figures on the recent home sales in the districts that you're asking about. 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 increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair blend of business in an area, or does it rely upon just one industry?
All these play a role.