Over time, the value of a home will fluctuate up and down.
Home values appreciate in the long term by and large.
But, of course, in real estate there are no guarantees.
When your home appreciates you have more resources to borrow against, and you make a bigger profit when you sell.
Property values in The Triangle change for different reasons, so how can you be sure what you're purchasing this year won't depreciate the day after you close?
The most important aspect is that you select a real estate agent in The Triangle who recognizes the factors that affect local prices.
A lot of people assume that the economy is the major factor impacting real estate appreciation.
It goes without saying that
there are a handful of factors on a national level that alter your house's value: unemployment, interest rates, consumer confidence, and more.
But the most important issues that determine your home's value depend on the local The Triangle economy and residential market.
Location in a community - Most people want homes in the areas with the best and most convenient places we go often or everyday, like our work and schools.
So when it comes to holding their value, these areas typically appreciate better than others.
The latest home sales - You should receive facts and figures on the recent real estate sales in the areas that you're interested in from your real estate agent. You'll need to learn things like how long a house stays on the market and seller discounts.
Appreciation history - Have property prices risen or declined over the past 5 to 10 years? Is the community thought to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mix of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
All these play a part.
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