Over time, the worth of a property will fluctuate up and down.
Over a long enough period of time, property values generally appreciate.
But, of course, in real estate there are no "sure things".
When your house appreciates you have more equity to borrow against, and you'll generate a greater profit when you sell.
There are many different reasons why property values in Raleigh go up and down. So, how do you know what you're buying today will appreciate over time?
It's critical that you choose a REALTOR® in Raleigh who is familiar with the factors that drive local prices.
The economy is assumed to be the most crucial factor impacting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and many other national factors have a noticeable impact on your home's value.
However, your house's value and the components that play the most significant role in its appreciation depend on the local Raleigh economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So when it comes to holding their value, these areas consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should provide you with statistics 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.
Appreciation history - Have property prices gone up or down over the past 5 to 10 years? Is the area thought of as desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good blend of job types in an area, or does it rely upon just one industry?
All these play a role.