Over time, the worth of a property will go up and down. By and large, house values appreciate in the long term. But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you get a larger profit when you sell. Property values in Charlotte Metro Market move up and down for many different reasons, so how can you be sure what you’re purchasing presently won’t depreciate the day after you close? The most important aspect to consider is that you go with a REALTOR® who understand the factors that affect local prices.
Many assume that the economy is the most influential factor impacting real estate appreciation. Clearly, there are a handful of factors on a national level that adjust your property’s value: unemployment, mortgage rates, consumer confidence, and more. However, your property’s value and the things that play the biggest role in its appreciation are specific to the local Charlotte Metro Market economy and housing market.
Location in a community
Proximity to schools and work also have a significant impact on most home buyers’ decisions. So when it comes to keeping their value, these regions generally appreciate the best.
Your real estate agent should give you data on the recent real estate sales in the districts that you’re interested in. You’ll want to know average time on market, selling versus listing price and more.
Have home prices gone up or down over the past 5 to 10 years? Is the area thought to be desirable because of its location or affordability?
The local economy
Are local businesses hiring? Have companies moved into or away from an area? Is there a fair combination of work in an area, or does it count on just one industry? Is the mix of commercial and residential development changing? All these play a role.
It’s important to be informed about the factors that influence your house’s financial worth. For an assessment of your house’s value or if you have any questions, call me at 1-888-341-5296 or use the link below to email me.