Over time, the value of a home will go up and down.
Home values appreciate in the long term by and large.
But there is always a certain amount of risk in real estate.
When your house appreciates you have more equity to borrow against, and you'll produce a greater profit when you sell.
Property values in Cary shift for different reasons, so how do you know what you're purchasing today won't depreciate the day after you close?
The most important aspect to consider is that you go with a real estate agent in Cary who knows the factors that drive local prices.
A lot of people are convinced that the economy is the most critical factor impacting real estate appreciation.
After all,
mortgage rates, employment, job growth, government programs and several other national factors have a noticeable impact on your house's value.
However, your house's value and the elements that play the most significant role in its appreciation are particular to the local Cary economy and housing market.
Location in a community - Many of us decide to live in districts with the best and most convenient characteristics for households to succeed, such as a close proximity to schools, jobs, and work.
So these areas often appreciate, or keep their value, best.
Trends in home sales - How long do homes typically stay on the market? Are sellers needing to discount much? A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have home prices increased or decreased over the last 5 to 10 years? Is the community believed to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice combination of job types 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.