Fluctuating home prices in the area: What causes this?

Home prices are continually changing. Over a long enough period of time, home values typically appreciate. But there is always a certain amount of risk in real estate, of course.

When your property appreciates you have more equity to borrow against, and you'll generate a higher profit when you sell. But how will you be sure what you're investing in right now will appreciate over time? Property values in the area change for a variety of reasons. The most important part is that you pick me who knows the factors that influence local prices.

 
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The economy is thought to be the number one factor affecting real estate appreciation. It goes without saying that mortgage rates, employment, job growth, government programs and some other national factors have a measurable change your property's worth. However, your property's value and the things that play the biggest role in its appreciation are specific to the local economy and housing market.

Let Wilkinson & Associates help you with your first home purchase in Wilmington Location in a community - Proximity to jobs and schools also have a huge affect on most home buyers' choices. So those communities consistently appreciate, or keep their value, best.

Recent sales - Your agent should give you facts and figures on the recent real estate sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.

The appreciation history - Is the community thought of as desirable because of its location or affordability? Have property prices risen or declined over the past 5-10 years?

The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good blend of business in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing? Each of these elements plays a role.

It's worthwhile to be informed about the factors that affect your home's value. Get an evaluation of your property's value here. Call me at 910-443-0529 or e-mail me if you have any questions at all. I'd love to hear from you.

Wilkinson & Associates 8903 E Oak Island Drive Suite 3 Oak Island, NC 28465
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