Understanding property appreciation in Wilmington

Home prices are continually changing. House values appreciate in the long term in most cases. But, of course, in real estate there are no "sure things".

When your house appreciates you have a more valuable asset to borrow against, and you'll generate a greater profit when you sell. Property values in Wilmington rise and fall for numerous reasons, so how do you know what you're purchasing this year won't depreciate the day after you close? The most important factor is that you pick a real estate agent in Wilmington who understands the factors that affect local prices.

The economy is thought to be the top factor affecting real estate appreciation. Naturally, there are several factors on a national level that adjust your home's value: unemployment, mortgage rates, inflation, and more. However, your house's value and the components that play the most significant role in its appreciation are specific to the local Wilmington economy and housing market.

Let Masonboro Realty, Inc. help you with your first home purchase in Wilmington Access to services - People typically want homes in the areas with the most convenient places we go often or everyday, such as our jobs and schools. So those areas usually appreciate, or hold their value, best.

Real estate sales trends - How fast are homes selling? Are sellers having to discount much or offer concessions A lot of data can be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.

Appreciation history - Have house prices gone up or down over the last 5 to 10 years? Is the area thought of as desirable because of its location or affordability?

Local economy - Is there a fair mix of job types in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring? These items play a part.

Identifying the factors that play into your home's market price is important. Get an assessment of your house's value here. Have any questions? Please feel free to call me at (910) 200-6268 or e-mail me.

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