Real estate prices are continually changing.
Normally, home values appreciate in the long term.
But there are no "sure things" in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll create a greater profit when you sell.
Property values in North Kingstown fluctuate for numerous reasons, so how can you be sure what you're purchasing this year won't depreciate the day after you close?
It's important that you choose an agent in North Kingstown who recognizes the factors that affect local prices.
Many assume that the economy is the most influential factor affecting real estate appreciation.
there are numerous issues on a national level that influence your home's value: unemployment, mortgage rates, consumer confidence, and more.
But the most important things that decide your home's value are specific to the local North Kingstown economy and residential market.
Access to services - Many of us want to live in districts with the most accommodating factors for homes to develop, like a close proximity to schools, jobs, and work.
So these regions often appreciate, or hold their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much or offer concessions Some information can be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have house prices risen or declined over the past 5-10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mix of jobs in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
Each of these things plays a role.