Over time, the value of a piece of real estate will fluctuate up and down.
Home values appreciate in the long term almost always.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a greater asset to borrow against, and you get a better profit when you sell.
Property values in Cary vary for many different reasons, so how can you be sure what you're buying presently won't depreciate the day after you close?
Choosing a real estate agent in Cary who knows the factors that influence local prices is the most important factor.
The economy is thought to be the greatest factor impacting real estate appreciation.
Obviously,
mortgage rates, employment, job growth, government programs and a handful of other national factors have a measurable influence on your property's worth.
However, your house's value and the features that play the biggest role in its appreciation depend on the local Cary economy and housing market.
Access to services - Many consumers decide to live in areas with the most conducive amenities for homes to develop, like a close proximity to jobs and schools.
So these communities typically appreciate, or keep their value, best.
Recent sales - Your REALTOR® should give you information on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
Local economy - Is there a nice mix of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
Each of these factors plays a role.