Over time, the value of a property will go up and down.
Over a long enough period of time, home values usually appreciate.
But, of course, in real estate there are no "sure things".
When your house appreciates you have more equity to borrow against, and you'll realize a greater profit when you sell.
Property values in North Kingstown change for various reasons, so how will you be sure what you're investing in today won't depreciate the day after you close?
It's important that you pick a real estate agent in North Kingstown who knows the factors that affect local prices.
What is the most critical factor affecting real estate appreciation? Many think that it's the economy.
Obviously,
mortgage rates, unemployment, business growth, government programs and numerous other national determinants have a noticeable effect on your home's value.
However, your house's value and the aspects that play the most significant role in its appreciation depend on the local North Kingstown economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values.
So these regions usually appreciate, or keep their value, best.
Recent home sales - You should receive statistics on the recent real estate sales in the areas that you're asking about from your agent. You'll need to know data like how long a house stays on the market and seller discounts.
Appreciation history - Have home prices increased or decreased over the past 5-10 years? Is the community considered desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good combination of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
Each of these things plays a role.