Home prices are continually changing.
Property values appreciate in the long term normally.
But there are no guarantees in real estate, of course.
When your property appreciates you have more equity to borrow against, and you'll create a better profit when you sell.
Property values in Wilmington change for various reasons, so how will you know what you're buying presently won't depreciate the day after you close?
It's important that you go with a real estate agent in Wilmington who knows the factors that affect local prices.
The economy is assumed to be the number one factor impacting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and quite a few other national determinants have a noticeable effect on your property's worth.
But the most important factors that decide your house's value are particular to the local Wilmington economy and residential market.
Access to services - Proximity to schools and work also have a significant impact on almost all home buyers' decisions.
So those areas generally appreciate, or retain their value consistently, year to year.
Recent sales - Your REALTOR® should give you facts and figures on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
Local economy - Is there a good mixture of job types in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a role.
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