Real estate prices are constantly moving up and down.
Over a long enough period of time, property values almost always go up.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you get a higher profit when you sell.
There are many different reasons why property values in Waterville waver. So, how do you know what you're buying right now will appreciate over time?
Choosing a REALTOR® in Waterville who can identify the factors that affect local prices is the most important thing to consider.
What is the number one factor affecting real estate appreciation? Many are convinced that it's the economy.
mortgage rates, employment, job growth, government programs and a handful of other national determinants have a measurable effect on your property's worth.
But the most influential issues that determine your home's value are specific to the local Waterville economy and residential market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values.
So these regions consistently appreciate, or hold their value, best.
Real estate sales trends - What's the time on market? Are sellers needing to discount much or offer concessions Some information can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have property prices gone up or down over the last 5-10 years? Is the area believed to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair combination of jobs in an area, or does it depend on just one industry?
These items play a role.