What causes Rhode Island home prices to fluctuate?
Over time, the value of a house will fluctuate up and down.
Normally, home values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your home appreciates you have a greater asset to borrow against, and you'll generate a bigger profit when you sell.
Property values in Rhode Island rise and fall for various reasons, so how can you be sure what you're buying right now won't depreciate the day after you close?
The most important aspect is that you choose an agent who is familiar with the factors that influence local prices.
A lot of people believe that the economy is the number one factor affecting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and some other national factors have a definite impact on your property's worth.
But the most influential factors that figure your property's value depend on the local Rhode Island economy and residential market.
Access to services - Most people want homes in the regions with the easiest access to features, such as our jobs and schools.
So when it comes to keeping their value, these regions consistently appreciate better than others.
Recent sales - Your agent should give you facts and figures on the recent real estate sales in the districts 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 last 5-10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of job types in an area, or does it rely upon just one industry?
These items play a part.
Knowing the factors that play into your property's worth is important.
to receive an assessment of your property's value.
Have any questions? Please feel free to call me at (401) 885-2990 or e-mail me