Understanding the Triangle and Raleigh home prices
Over time, the value of a home will go up and down. Home values typically appreciate in the long term. But of course, there are no guarantees in real estate or anything else for that matter.
When your home appreciates, you have more equity that can be used to borrow against. You will also realize a larger profit when you sell your home. But how do you know what you're buying presently will appreciate over time? Property values in general can fluctuate for numerous reasons. Finding and choosing an experienced agent in this market that truly understands the factors that will affect local prices is one of the most important aspects to consider when purchasing a home.
What is the most crucial factor affecting real estate appreciation? Many guess that it's the economy. After all, mortgage rates, unemployment, business growth, government programs and a handful of other national factors have a measurable effect on your home's worth. But the most influential things that decide your property's value are specific to the local Raleigh/Triangle economy and residential market. Location and schools are also very important factors to consider.
Access to services - Many home buyers decide to live in districts with the most convenient characteristics for families to develop, like a close proximity to schools, jobs, and work. So when it comes to retaining their value, these regions often appreciate the best.
The latest home sales - You should receive reports on the recent real estate sales in the neighborhoods that you'd like to live in from your agent. You'll want to know data like how long a house stays on the market and listing price as opposed to selling price.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have house prices risen or declined over the past 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair blend of jobs in an area, or does it rely on just one industry? Each of these pieces plays a role.
Take a drive through the neighborhood and observe traffic, etc.
Identifying the factors that influence your property's financial worth is important. Click here
to receive an evaluation of your property's value. Call me at 919-614-0752 or e-mail me
if you have any questions at all. I'd love to hear from you.