Over time, the value of a property will go up and down.
Over a long enough period of time, property values normally appreciate.
But there is always a certain amount of risk 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 are various reasons why property values in Charlotte rise and fall. So, how can you be sure what you're investing in now will appreciate over time?
The most important aspect is that you pick an agent in Charlotte who knows the factors that drive local prices.
A lot of people guess that the economy is the top factor affecting real estate appreciation.
It goes without saying that
interest rates, unemployment, business growth, government programs and numerous other national determinants have a definite effect on your property's worth.
However, your house's value and the features that play the biggest role in its appreciation are particular to the local Charlotte economy and housing market.
Access to services - Proximity to schools and jobs also have a great influence on all home buyers' choices.
So when it comes to retaining their value, these communities usually appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should give you data 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 neighborhood thought to be desirable because of its location or affordability? Have house prices increased or decreased over the past 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mixture of jobs in an area, or does it count on just one industry? Is the mix of commercial and residential development changing?
Each of these factors plays a role.
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