Property values are continually changing.
Over a long enough period of time, property values usually go up.
But, in real estate there are no "sure things".
When your home appreciates you have a bigger asset to borrow against, and you'll see a higher profit when you sell.
There are numerous reasons why property values in Cary fluctuate. So, how will you know what you're purchasing right now will appreciate over time?
The most important part is that you go with a real estate agent in Cary who understands the factors that influence local prices.
The economy is believed to be the top factor impacting real estate appreciation.
Naturally,
there are numerous factors on a national level that influence your house's value: unemployment, mortgage rates, inflation, and more.
However, your property's value and the elements that play the most significant role in its appreciation depend on the local Cary economy and housing market.
Access to services - Many home buyers want to live in areas with the most conducive characteristics for homes to grow, such as a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these regions typically appreciate better than others.
Recent sales - Your real estate agent should provide you with facts and figures on the recent real estate sales in the areas 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 past 5 to 10 years, have house prices increased or decreased? Does location or affordability affect how desirable the community is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good combination of job types in an area, or does it rely on just one industry?
All these play a part.