Property values are constantly moving up and down.
For the most part, property values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you'll make a better profit when you sell.
Property values in North Kingstown rise and fall for many different reasons, so how do you know what you're purchasing right now won't depreciate the day after you close?
It's critical that you pick a real estate agent in North Kingstown who can identify the factors that drive local prices.
The economy is thought to be the biggest factor affecting real estate appreciation.
It goes without saying that
mortgage rates, unemployment, job growth, government programs and numerous other national determinants have a noticeable impact on your home's worth.
But the most important issues that decide your house's value depend on the local North Kingstown economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So when it comes to keeping their value, these areas generally appreciate the best.
Recent sales - Your REALTOR® should give you facts and figures on the recent home sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the community is considered?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mix of job types in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
Each of these factors plays a part.