Property values are forever in flux.
Over a long enough period of time, house values normally appreciate.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have a bigger asset to borrow against, and you get a better profit when you sell.
But how will you know what you're purchasing right now will appreciate over time? Property values in Waterville rise and fall for different reasons.
Choosing a real estate agent in Waterville who understands the factors that influence local prices is the most important element to consider.
The economy is believed to be the biggest factor impacting real estate appreciation.
interest rates, employment, job growth, government programs and several other national determinants have a definite influence on your house's worth.
However, your home's value and the aspects that play the biggest role in its appreciation are particular to the local Waterville economy and housing market.
Location in a community - Proximity to work and schools also have a major impact on all home buyers' decisions.
So when it comes to retaining their value, these communities consistently appreciate better than others.
The latest home sales - How quickly are homes selling? What was the final sales amount compared to the listing price? Some information can often be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy - Is there a fair combination of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a part.