Fluctuating home prices in Blowing Rock, North Carolina: What causes this?
Real estate prices are constantly moving up and down. Property values appreciate in the long term normally. But, in real estate there are no guarantees.
When your property appreciates you have a more valuable asset to borrow against, and you'll make a higher profit when you sell. But how can you be sure what you're investing in this year will appreciate over time? Property values in Blowing Rock shift for various reasons. The most important aspect is that you pick a REALTOR® in Blowing Rock who understands the factors that affect local prices.
Many guess that the economy is the greatest factor affecting real estate appreciation. Naturally, mortgage rates, employment, business growth, government programs and a handful of other national determinants have a definite influence on your house's value. But the most influential factors that determine your home's value depend on the local Blowing Rock economy and residential market.
Access to services - Proximity to schools and work also have a great influence on many home buyers' choices. So those areas often appreciate, or hold their value, best.
Trends in home sales - How fast are houses selling? What was the selling price versus the asking price? A lot of data can be obtained from public records, but a good agent with access to the local MLS will often provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the last 5-10 years? Is the community thought to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mixture of work in an area, or does it depend on just one industry? These items play a part.