Over time, the value of a property will go up and down.
For the most part, property values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a more valuable asset to borrow against, and you'll see a larger profit when you sell.
There are numerous reasons why property values in North Kingstown go up and down. So, how will you be sure what you're purchasing now will appreciate over time?
Choosing a REALTOR® in North Kingstown who recognizes the factors that affect local prices is the most important part.
Many guess that the economy is the major factor affecting real estate appreciation.
It goes without saying that
there are many factors on a national level that influence your home's value: unemployment, mortgage rates, business growth, and more.
But the most important factors that figure your property's value depend on the local North Kingstown economy and housing market.
Access to services - Most people want homes in the areas with the most convenient features, such as our schools and work.
So these regions usually appreciate, or carry their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking price? Some information can 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.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have home prices increased or decreased over the past 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice blend of work in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing?
Each of these items plays a role.