Home values are constantly moving up and down.
Property values appreciate in the long term normally.
But there is always a certain amount of risk in real estate.
When your house appreciates you have more resources to borrow against, and you'll realize a larger profit when you sell.
But how will you know what you're buying today will appreciate over time? Property values in North Kingstown go up and down for a variety of reasons.
It's important that you select a real estate agent in North Kingstown who understands the factors that influence local prices.
What is the number one factor impacting real estate appreciation? Many think that it's the economy.
Clearly,
mortgage rates, unemployment, job growth, government programs and some other national determinants have a definite effect on your home's value.
But the most significant things that figure your house's value are particular to the local North Kingstown economy and residential market.
Access to services - Many of us choose to live in areas with the most useful components for homes to succeed, like a close proximity to jobs and schools.
So when it comes to retaining their value, these communities usually appreciate the best.
Trends in home sales - What's the time on market? What was the selling price versus the listing price? Some information can be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have home prices increased or decreased over the last 5-10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good blend of jobs in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
All these play a part.