Home values are forever in flux.
Over a long enough period of time, property values , for the most part, go up.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have more equity to borrow against, and you'll create a higher profit when you sell.
There is a variety of reasons why property values in Gloucester waver. So, how do you know what you're purchasing presently will appreciate over time?
The most important aspect to consider is that you select a real estate agent in Gloucester who recognizes the factors that influence local prices.
Many are convinced that the economy is the top factor impacting real estate appreciation.
there are some factors on a national level that change your home's value: unemployment, mortgage rates, inflation, and more.
But the most important things that determine your house's value depend on the local Gloucester economy and residential market.
Access to services - People typically want homes in the areas with the best and most convenient places we go often or everyday, like our schools and jobs.
So these communities consistently appreciate, or keep their value consistently, year to year.
Recent home sales - How fast are homes selling? What was the final sales amount compared to the asking price? A lot of data can often be retrieved from public records, but a good agent with access 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 increased or decreased? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good combination of work in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
Each of these items plays a part.