Home values are constantly moving up and down.
Over a long enough period of time, property values , for the most part, go up.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll see a greater profit when you sell.
Property values in Waterville shift for different reasons, so how will you be sure what you're buying this year won't depreciate the day after you close?
The most important aspect is that you choose a real estate agent in Waterville who is familiar with the factors that affect local prices.
Many believe that the economy is the major factor impacting real estate appreciation.
mortgage rates, employment, job growth, government programs and some other national factors have a measurable effect on your home's value.
However, your house's value and the elements that play the biggest role in its appreciation are specific to the local Waterville economy and housing market.
Location in a community - People typically want homes in the areas with the most convenient places we go often or everyday, such as our schools and jobs.
So when it comes to retaining their value, these regions typically appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should provide you with data on the recent real estate 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.
Appreciation history - Have home prices increased or decreased over the past 5 to 10 years? Is the neighborhood believed to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good blend of job types in an area, or does it depend on just one industry?
Each of these elements plays a part.