Cary home prices: Need some help understanding why they appreciate?
Property prices are constantly moving up and down. Over a long enough period of time, house values typically go up. But there is always a certain amount of risk in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll see a larger profit when you sell. But how will you know what you're purchasing presently will appreciate over time? Property values in Cary move up and down for numerous reasons. The most important element is that you select a real estate agent in Cary who can identify the factors that drive local prices.
Many believe that the economy is the major factor impacting real estate appreciation. Clearly, there are a handful of factors on a national level that alter your house's value: unemployment, interest rates, inflation, and more. However, your home's value and the elements that play the most significant role in its appreciation are particular to the local Cary economy and housing market.
Access to services - Most people want homes in the districts with the best and most convenient features, such as our work and schools. So when it comes to keeping their value, these regions often appreciate better than others.
The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community considered desirable because of its location or affordability? Have property prices increased or decreased over the last 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mixture of business in an area, or does it rely on just one industry? All these play a role.