Over time, the value of a property will go up and down.
Almost always, property values appreciate in the long term.
But there are no guarantees in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll make a bigger profit when you sell.
Property values in Cornelius fluctuate for many different reasons, so how do you know what you're purchasing presently won't depreciate the day after you close?
The most important aspect to consider is that you select a REALTOR® in Cornelius who knows the factors that affect local prices.
Many assume that the economy is the most crucial factor affecting real estate appreciation.
there are a lot of issues on a national level that adjust your property's value: unemployment, interest rates, inflation, and more.
However, your house's value and the components that play the most significant role in its appreciation are specific to the local Cornelius economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many families and will greatly influence home values.
So these areas generally appreciate, or hold their value, best.
Real estate sales trends - What's the time on market? What was the final sales amount compared to the asking price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mixture of job types in an area, or does it rely on just one industry?
All these play a part.