Over time, the value of a property will go up and down.
Normally, home values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a larger asset to borrow against, and you'll create a bigger profit when you sell.
But how will you know what you're purchasing today will appreciate over time? Property values in Gloucester shift for different reasons.
The most important thing to consider is that you go with an agent in Gloucester who knows the factors that drive local prices.
The economy is assumed to be the biggest factor impacting real estate appreciation.
interest rates, unemployment, job growth, government programs and many other national factors have a measurable influence on your property's worth.
But the most important things that figure your property's value are particular to the local Gloucester economy and residential market.
Access to services - Proximity to schools and work also have a significant impact on almost all home buyers' decisions.
So when it comes to keeping their value, these communities usually appreciate better than others.
Recent sales - Your REALTOR® should provide you with reports on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5 to 10 years, have home prices increased or decreased? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice combination of jobs in an area, or does it count on just one industry? Is the mix of commercial and residential development changing?
These items play a role.
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