Property values are forever in flux.
Home values appreciate in the long term for the most part.
But there is always a certain amount of risk in real estate.
When your property appreciates you have more resources to borrow against, and you make a greater profit when you sell.
Property values in Waterville fluctuate for a variety of reasons, so how do you know what you're purchasing now won't depreciate the day after you close?
Choosing a REALTOR® in Waterville who recognizes the factors that drive local prices is the most important element.
A lot of people guess that the economy is the biggest factor impacting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and numerous other national determinants have a definite influence on your house's value.
But the most important things that determine your house's value depend on the local Waterville economy and residential market.
Location in a community - People typically want homes in the areas with the most convenient places we go often or everyday, like our schools, jobs, and shopping.
So when it comes to keeping their value, these areas usually appreciate the best.
Real estate sales trends - How long are homes on the market? Are sellers having to discount much? Some information can often 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 house prices risen or declined over the last 5 to 10 years? Is the area thought of as 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 work in an area, or does it count on just one industry?
These items play a part.