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Over time, the value of a piece of real estate will go up and down. Home values appreciate in the long term typically. But, in real estate there are no "sure things".
When your property appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell. Property values in the Outer Banks area vary for various reasons, so how will you be sure what you're investing in presently won't depreciate the day after you close? The most important factor is that you select a REALTOR® in the Outer Banks area who understands the factors that affect local prices.
Free Home Value Assessment
A lot of people believe that the economy is the major factor affecting real estate appreciation. Obviously, there are a lot of factors on a national level that affect your property's value: unemployment, interest rates, quarterly earnings reports, and more. However, your property's value and the things that play the most significant role in its appreciation depend on the local the Outer Banks area economy and housing market.
Access to services - Many consumers decide to live in districts with the most accommodating traits for homes to thrive, like a close proximity to schools, jobs, and work. So those communities typically appreciate, or hold their value, best.
The latest home sales - You should receive stats on the recent real estate sales in the regions that you're interested in from your agent. You'll need to learn figures like time on market and asking price versus selling price.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the community is believed to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good blend of jobs in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing? All these play a part.
Ken Baittinger: 3732 N. Croatan Hwy Kitty Hawk, NC 27949-9208
Phone: 252-305-5255 Fax: 252-255-1226 E-mail: firstname.lastname@example.org
Copyright © 2017 KEN BAITTINGER, REALTOR
All rate, payment, and area information are estimates and approximations only.