Real estate prices are forever in flux.
Normally, home values appreciate in the long term.
But there are no "sure things" in real estate, of course.
When your home appreciates you have more equity to borrow against, and you'll produce a higher profit when you sell.
There are various reasons why property values in Waterville waver. So, how can you be sure what you're buying now will appreciate over time?
Choosing an agent in Waterville who recognizes the factors that drive local prices is the most important element.
Many think that the economy is the biggest factor affecting real estate appreciation.
interest rates, employment, job growth, government programs and quite a few other national determinants have a measurable impact on your home's worth.
However, your home's value and the components that play the most significant role in its appreciation are specific to the local Waterville economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So these areas generally appreciate, or hold their value consistently, year to year.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the listing price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have house prices increased or decreased? Does location or affordability affect how desirable the neighborhood is thought of as?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good combination of business in an area, or does it depend on just one industry? Is the blend of commercial and residential zoning changing?
Each of these items plays a role.