Understanding Property Appreciation in Charlotte
Property values are forever in flux. Over a long enough period of time, house values , for the most part, go up. But, of course, in real estate there are no "sure things".
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a larger profit when you sell. But how will you know what you're buying now will appreciate over time? Property values in Charlotte waver for many different reasons. It's critical that you choose an agent in Charlotte who understands the factors that influence local prices.
The economy is assumed to be the most critical factor impacting real estate appreciation. Naturally, there are numerous factors on a national level that impact your house's value: unemployment, interest rates, business growth, and more. However, your property's value and the things that play the biggest role in its appreciation are particular to the local Charlotte economy and housing market.
Access to services - Proximity to schools and work also have a huge influence on most home buyers' decisions. So when it comes to keeping their value, these areas typically appreciate better than others.
Recent home sales - What's the time on market? What was the selling price versus the asking price? A lot of data can be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair blend of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing? Each of these elements plays a part.
Recognizing the factors that affect your property's market price is important. Click here
to receive an evaluation of your house's value. Please call us at 704-541-8088 Ext 14 or e-mail us
with any questions.