Property prices are forever in flux.
Over a long enough period of time, home values normally go up.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a greater asset to borrow against, and you'll realize a greater profit when you sell.
But how do you know what you're investing in now will appreciate over time? Property values in North Kingstown shift for different reasons.
The most important aspect is that you go with a real estate agent in North Kingstown who can identify the factors that drive local prices.
The economy is believed to be the major factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and numerous other national factors have a definite influence on your property's value.
But the most important things that decide your home's value are specific to the local North Kingstown economy and housing market.
Location in a community - Proximity to schools and work also have a major influence on many home buyers' decisions.
So those regions often appreciate, or hold their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with figures on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the last 5 to 10 years? Is the area considered desirable because of its location or affordability?
Local economy - Is there a nice mix of jobs in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a part.