Real estate prices are forever in flux.
Home values appreciate in the long term generally.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have more equity to borrow against, and you'll generate a higher profit when you sell.
But how will you be sure what you're buying right now will appreciate over time? Property values in North Kingstown waver for many different reasons.
It's critical that you select a REALTOR® in North Kingstown who knows the factors that affect local prices.
Many are convinced that the economy is the most critical factor affecting real estate appreciation.
interest rates, unemployment, job growth, government programs and some other national factors have a definite impact on your property's value.
But the most important factors that decide your home's value are particular to the local North Kingstown economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values.
So when it comes to retaining their value, these areas typically appreciate the best.
Recent sales - Your agent should provide you with data on the recent home sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the last 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair blend of business in an area, or does it rely on just one industry?
All these play a role.