Home values are forever in flux.
Property values appreciate in the long term almost always.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more equity to borrow against, and you'll produce a higher profit when you sell.
There are numerous reasons why property values in Wilmington rise and fall. So, how can you be sure what you're investing in this year will appreciate over time?
Choosing an agent in Wilmington who knows the factors that drive local prices is the most important part.
Many assume that the economy is the major factor affecting real estate appreciation.
there are quite a few factors on a national level that adjust your house's value: unemployment, interest rates, consumer confidence, and more.
But the most significant factors that determine your house's value are specific to the local Wilmington economy and housing market.
Access to services - Proximity to work and schools also have a significant effect on almost all home buyers' choices.
So these areas often appreciate, or keep their value, best.
Recent sales - Your real estate agent should provide you with figures on the recent home sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the last 5 to 10 years? Is the area thought to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair blend of job types in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
These items play a part.
Want to know if a home is still on the market, or if the price has changed? We can help. Simply fill out the information below and with no obligation to you we'll get back to you with your requested information. We guarantee your privacy.