Over time, the worth of a piece of real estate will go up and down.
Almost always, home values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll see a bigger profit when you sell.
There are different reasons why property values in the Triad waver. So, how do you know what you're investing in now will appreciate over time?
It's critical that you go with a REALTOR® in the Triad who is familiar with the factors that affect local prices.
Many assume that the economy is the most crucial factor impacting real estate appreciation.
Obviously,
there are numerous factors on a national level that alter your house's value: unemployment, interest rates, consumer confidence, and more.
However, your property's value and the aspects that play the biggest role in its appreciation are specific to the local Triad area economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values.
So when it comes to retaining their value, these areas typically appreciate the best.
Recent sales - Your real estate agent should provide you with reports on the recent home sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices increased or decreased over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a nice blend of jobs in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these things plays a role.