Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, house values usually go up.
But, in real estate there are no "sure things".
When your home appreciates you have a greater asset to borrow against, and you'll create a better profit when you sell.
There are numerous reasons why property values in Waterville fluctuate. So, how do you know what you're purchasing right now will appreciate over time?
Choosing a real estate agent in Waterville who knows the factors that affect local prices is the most important factor.
The economy is assumed to be the most important factor impacting real estate appreciation.
It goes without saying that
there are some issues on a national level that affect your house's value: unemployment, interest rates, consumer confidence, and more.
However, your property's value and the factors that play the biggest role in its appreciation are particular to the local Waterville economy and housing market.
Access to services - People typically want homes in the areas with the most useful amenities, such as our schools and work.
So when it comes to holding their value, these areas usually appreciate better than others.
Recent sales - Your real estate agent should give you data on the recent home sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have property prices increased or decreased 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 mixture of business in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
Each of these items plays a role.
Want to know if a home is still on the market, or if the price has changed? We can help. Simply fill out the information below and with no obligation to you we'll get back to you with your requested information. We guarantee your privacy.