Home values are continually changing.
Almost always, property values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll create a greater profit when you sell.
There is a variety of reasons why property values in Wilmington go up and down. So, how will you be sure what you're purchasing today will appreciate over time?
It's imperative that you go with a real estate agent in Wilmington who can identify the factors that drive local prices.
A lot of people guess that the economy is the most important factor affecting real estate appreciation.
interest rates, unemployment, business growth, government programs and numerous other national factors have a noticeable effect on your property's worth.
However, your home's value and the components that play the biggest role in its appreciation are particular to the local Wilmington economy and housing market.
Location in a community - Many consumers decide to live in districts with the most convenient characteristics for families to do well, like a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these areas typically appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should give you data on the recent real estate sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the area believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice combination of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
Each of these pieces plays a part.