Property values are constantly moving up and down.
Over a long enough period of time, property values , by and large, appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a greater asset to borrow against, and you make a higher profit when you sell.
But how will you know what you're buying this year will appreciate over time? Property values in Waterville waver for a variety of reasons.
It's imperative that you choose a REALTOR® in Waterville who is familiar with the factors that influence local prices.
The economy is thought to be the biggest factor impacting real estate appreciation.
there are some issues on a national level that alter your property's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most important things that determine your home's value depend on the local Waterville economy and housing market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many us and will greatly influence home values.
So those areas generally appreciate, or keep their value consistently, year to year.
Recent sales - Your real estate agent should give you statistics on the recent home sales in the regions 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 area thought to be desirable because of its location or affordability? Have house prices gone up or down over the last 5 to 10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair blend of work in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing?
Each of these pieces plays a part.