Real estate values are continually changing.
Almost always, property values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll see a bigger profit when you sell.
There is a variety of reasons why property values in Raleigh fluctuate. So, how do you know what you're investing in right now will appreciate over time?
Choosing an agent in Raleigh who is familiar with the factors that affect local prices is the most important aspect to consider.
Many think that the economy is the most crucial factor affecting real estate appreciation.
mortgage rates, employment, job growth, government programs and several other national factors have a measurable impact on your house's worth.
But the most influential issues that figure your home's value depend on the local Raleigh economy and residential market.
Location in a community - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many buyers and will greatly influence home values.
So those communities typically appreciate, or retain their value, best.
Recent sales - Your real estate agent should give you facts and figures on the recent real estate sales in the areas 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 home prices increased or decreased? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy - Is there a fair blend of job types in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
Each of these things plays a part.