Over time, the worth of a home will fluctuate up and down.
Over a long enough period of time, home values normally go up.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a larger asset to borrow against, and you get a bigger profit when you sell.
There are many different reasons why property values in Raleigh move up and down. So, how can you be sure what you're buying right now will appreciate over time?
It's important that you choose a real estate agent in Raleigh who recognizes the factors that affect local prices.
What is the greatest factor impacting real estate appreciation? Many guess that it's the economy.
Clearly,
there are some factors on a national level that adjust your property's value: unemployment, mortgage rates, the stock market, and more.
However, your home's value and the aspects that play the biggest role in its appreciation depend on the local Raleigh economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So those areas usually appreciate, or keep their value, best.
The latest home sales - You should receive figures on the recent real estate sales in the areas that you're asking about from your real estate agent. You'll need to know figures like how long a house stays on the market and listing price versus selling price.
Appreciation history - Have house prices gone up or down over the past 5-10 years? Is the community thought to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mix of jobs in an area, or does it rely upon just one industry?
These items play a part.