What causes Blowing Rock home prices to fluctuate?
Over time, the value of a home will fluctuate up and down. Over a long enough period of time, house values typically appreciate. But, in real estate there is always a certain amount of risk.
When your property appreciates you have more equity to borrow against, and you get a higher profit when you sell. Property values in Blowing Rock go up and down for different reasons, so how will you know what you're investing in this year won't depreciate the day after you close? Choosing an agent in Blowing Rock who is familiar with the factors that affect local prices is the most important thing to consider.
What is the most important factor impacting real estate appreciation? Many think that it's the economy. Naturally, there are many factors on a national level that alter your home's value: unemployment, mortgage rates, the stock market, and more. But the most significant things that decide your property's value are specific to the local Blowing Rock economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of buyers and will greatly influence home values. So those regions generally appreciate, or retain their value, best.
Recent sales - Your agent should give you facts and figures on the recent home sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have house prices gone up or down over the past 5-10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good blend of business in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing? Each of these elements plays a role.