Property values are forever in flux.
Over a long enough period of time, home values normally go up.
But there is always a certain amount of risk in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll generate a larger profit when you sell.
Property values in Blowing Rock waver for many different reasons, so how can you be sure what you're purchasing presently won't depreciate the day after you close?
Choosing a real estate agent in Blowing Rock who recognizes the factors that drive local prices is the most important aspect.
A lot of people believe that the economy is the most critical factor affecting real estate appreciation.
there are a lot of factors on a national level that change your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
However, your home's value and the factors that play the most significant role in its appreciation are particular to the local Blowing Rock economy and housing market.
Location in a community - People typically want homes in the districts with the most useful places we go often or everyday, like our jobs and schools.
So these areas generally appreciate, or hold their value, best.
The latest home sales - How long do homes typically stay up for sale before closing? Are sellers having to discount much or offer concessions Some information can be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have property prices risen or declined over the last 5-10 years? Is the area believed to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good mix of business in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
All these play a role.