Understanding the Outer Banks property appreciation
Over time, the worth of a property will fluctuate up and down.
Over a long enough period of time, home values , in most cases, go up.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have more resources to borrow against, and you'll see a greater profit when you sell.
But how do you know what you're investing in this year will appreciate over time? Property values on the Outer Banks waver for a variety of reasons.
It's critical that you go with an agent on the Outer Banks who knows the factors that drive local prices.
The economy is thought to be the most influential factor impacting real estate appreciation.
It goes without saying that
interest rates, unemployment, job growth, government programs and some other national factors have a definite effect on your property's worth.
But the most influential factors that decide your home's value are particular to the local Outer Banks economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a major effect on almost all home buyers' choices.
So those communities often appreciate, or carry their value consistently, year to year.
Recent home sales - You should receive data on the recent real estate sales in the districts that you're interested in from your agent. You'll want to analyze figures like time on market and asking price as opposed to selling price.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair mix of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
These items play a role.
It's wise to learn about the factors that play into your house's market price.
Visit this link
for an evaluation of your home's value.
Call Carolyn at 252-562-2485 or e-mail me
if you have any questions at all. I'd love to hear from you.