Real estate values are continually changing.
House values appreciate in the long term generally.
But, of course, there are no guarantees in real estate.
When your property appreciates you have more resources to borrow against, and you'll produce a greater profit when you sell.
Property values in Cary move up and down for a variety of reasons, so how will you know what you're purchasing this year won't depreciate the day after you close?
It's critical that you pick an agent in Cary who can identify the factors that affect local prices.
A lot of people think that the economy is the most crucial factor affecting real estate appreciation.
It goes without saying that
mortgage rates, unemployment, job growth, government programs and quite a few other national factors have a noticeable impact on your home's worth.
However, your home's value and the elements that play the biggest role in its appreciation are particular to the local Cary economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So those regions usually appreciate, or keep their value, best.
Trends in home sales - What's the time on market? What was the selling price versus the asking price? Some information can often be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice combination of work in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
All these play a part.