Over time, the worth of a home will fluctuate up and down.
Over a long enough period of time, property values usually appreciate.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a bigger asset to borrow against, and you get a bigger profit when you sell.
Property values in Cary change for many different reasons, so how can you be sure what you're investing in this year won't depreciate the day after you close?
Choosing an agent in Cary who recognizes the factors that influence local prices is the most important aspect to consider.
A lot of people believe that the economy is the top factor affecting real estate appreciation.
mortgage rates, employment, job growth, government programs and some other national determinants have a definite effect on your house's value.
However, your house's value and the aspects that play the most significant role in its appreciation are specific to the local Cary economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values.
So these areas usually appreciate, or carry their value, best.
Recent sales - Your agent should provide you with data on the recent real estate 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.
History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the neighborhood is considered?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mixture of work in an area, or does it depend on just one industry?
Each of these things plays a role.