Blowing Rock home prices: Need some help understanding why they appreciate?
Real estate prices are forever in flux. Property values appreciate in the long term normally. But there is always a certain amount of risk in real estate, of course.
When your home appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell. There are many different reasons why property values in Blowing Rock move up and down. So, how can you be sure what you're buying right now will appreciate over time? The most important aspect to consider is that you choose a REALTOR® in Blowing Rock who is familiar with the factors that influence local prices.
Many guess that the economy is the most crucial factor impacting real estate appreciation. Naturally, interest rates, unemployment, business growth, government programs and numerous other national factors have a measurable impact on your property's value. But the most important issues that determine your property's value are particular to the local Blowing Rock economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values. So when it comes to retaining their value, these areas usually appreciate better than others.
Recent sales - Your agent should give you statistics on the recent real estate sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the neighborhood is considered?
Local economy - Is there a nice combination of jobs in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring? These items play a role.