Property values are continually changing.
By and large, home values appreciate in the long term.
But there are no guarantees in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll see a greater profit when you sell.
But how can you be sure what you're purchasing presently will appreciate over time? Property values in North Kingstown vary for numerous reasons.
The most important factor is that you go with a real estate agent in North Kingstown who understands the factors that drive local prices.
The economy is assumed to be the most important factor affecting real estate appreciation.
It goes without saying that
there are some factors on a national level that affect your home's value: unemployment, interest rates, consumer confidence, and more.
But the most influential issues that determine your house's value are particular to the local North Kingstown economy and housing market.
Location in a community - People typically want homes in the regions with the best and most convenient amenities, like our schools, jobs, and shopping.
So those regions consistently appreciate, or keep their value consistently, year to year.
Prior home sales - How fast are houses selling? What was the selling price versus the asking price? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
Appreciation history - Have property prices gone up or down over the past 5-10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Local economy - Is there a fair combination of jobs in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
Each of these things plays a part.