Fluctuating home prices in Wilmington, North Carolina: What causes this?

Home values are constantly moving up and down. Property values appreciate in the long term in most cases. But, of course, in real estate there are no "sure things".

When your home appreciates you have a larger asset to borrow against, and you'll produce a higher profit when you sell. Property values in Wilmington shift for a variety of reasons, so how can you be sure what you're purchasing this year won't depreciate the day after you close? Choosing a REALTOR® in Wilmington who is familiar with the factors that affect local prices is the most important factor.

A lot of people are convinced that the economy is the most crucial factor impacting real estate appreciation. Clearly, there are many factors on a national level that alter your house's value: unemployment, mortgage rates, business growth, and more. But the most influential issues that determine your house's value are specific to the local Wilmington economy and housing market.

Let Masonboro Realty, Inc. help you with your first home purchase in Wilmington Location in a community - People typically want homes in the regions with the most useful places we go often or everyday, such as our schools and work. So when it comes to holding their value, these communities usually appreciate better than others.

Recent sales - Your REALTOR® should give you reports on the recent real estate sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.

The appreciation history - Is the area thought to be desirable because of its location or affordability? Have property prices increased or decreased over the past 5 to 10 years?

The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice mix of work in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing? These items play a part.

It's important to be informed about the factors that play into your house's market price. Click here to get an estimation of your property's value. Call me at (910) 200-6268 or e-mail me if you have any questions at all. I'd love to hear from you.

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