Over time, the value of a property will fluctuate up and down.
Over a long enough period of time, home values , for the most part, go up.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have more equity to borrow against, and you'll make a greater profit when you sell.
Property values in Gloucester vary for numerous reasons, so how do you know what you're buying today won't depreciate the day after you close?
Choosing a REALTOR® in Gloucester who can identify the factors that affect local prices is the most important factor to consider.
Many think that the economy is the major factor impacting real estate appreciation.
mortgage rates, employment, job growth, government programs and a handful of other national factors have a measurable influence on your home's worth.
But the most significant factors that decide your home's value depend on the local Gloucester economy and housing market.
Access to services - Many of us wish to live in areas with the most convenient features for households to grow, such as a close proximity to schools, jobs, and work.
So when it comes to keeping their value, these regions often appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should give you facts and figures on the recent real estate sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have house prices risen or declined over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mix of work in an area, or does it rely on just one industry?
Each of these items plays a part.