Over time, the value of a piece of real estate will go up and down.
Over a long enough period of time, property values , in most cases, appreciate.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a more valuable asset to borrow against, and you get a higher profit when you sell.
There are various reasons why property values in Gloucester move up and down. So, how will you be sure what you're purchasing today will appreciate over time?
Choosing a REALTOR® in Gloucester who understands the factors that affect local prices is the most important factor.
The economy is assumed to be the greatest factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and some other national factors have a definite effect on your property's worth.
But the most influential things that determine your house's value depend on the local Gloucester economy and housing market.
Location in a community - Proximity to work and schools also have a major influence on almost all home buyers' choices.
So when it comes to holding their value, these areas often appreciate the best.
Real estate sales trends - How fast are homes selling? Are sellers needing to discount much? Some information can often be obtained from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have property prices gone up or down over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mixture of work in an area, or does it count on just one industry?
These items play a part.
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