Wilmington home prices: Need some help understanding why they appreciate?
Home prices are continually changing.
Property values appreciate in the long term by and large.
But there are no "sure things" in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll generate a larger profit when you sell.
There are various reasons why property values in Wilmington move up and down. So, how do you know what you're buying right now will appreciate over time?
The most important element to consider is that you select a REALTOR® in Wilmington who understands the factors that influence local prices.
What is the most important factor affecting real estate appreciation? Many are convinced that it's the economy.
mortgage rates, employment, job growth, government programs and quite a few other national factors have a noticeable effect on your home's value.
However, your house's value and the factors that play the biggest role in its appreciation depend on the local Wilmington economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So those regions consistently appreciate, or hold their value, best.
The latest home sales - You should receive statistics on the recent real estate sales in the neighborhoods that you're interested in from your agent. You'll need to learn things like time on market and seller discounts.
The appreciation history - Is the area considered desirable because of its location or affordability? Have home prices gone up or down over the last 5 to 10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good combination of job types in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
All these play a part.
It's important to be informed about the factors that play into your house's worth.
Get an estimation of your house's value here
Have any questions? Please feel free to call us at 910-520-2945 or e-mail us