Real estate prices are continually changing.
Over a long enough period of time, property values usually appreciate.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a bigger asset to borrow against, and you'll produce a larger profit when you sell.
Property values in Wilmington waver for a variety of reasons, so how will you be sure what you're purchasing now won't depreciate the day after you close?
The most important thing is that you choose a real estate agent in Wilmington who is familiar with the factors that influence local prices.
The economy is assumed to be the most crucial factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and some other national factors have a measurable impact on your house's value.
However, your house's value and the things that play the most significant role in its appreciation depend on the local Wilmington economy and housing market.
Access to services - Many of us prefer to live in districts with the most convenient factors for families to succeed, such as a close proximity to schools and work.
So these communities generally appreciate, or keep their value consistently, year to year.
The latest home sales - You should receive stats on the recent real estate sales in the areas that you're interested in from your agent. You'll want to know things like time on market and seller discounts.
History of appreciation - In the past 5-10 years, have home prices increased or decreased? Does location or affordability affect how desirable the area is thought of as?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of business in an area, or does it rely on just one industry?
All these play a role.