Over time, the worth of a piece of real estate will fluctuate up and down.
House values appreciate in the long term almost always.
But, in real estate there are no guarantees.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a bigger profit when you sell.
But how will you be sure what you're purchasing today will appreciate over time? Property values in Gloucester change for a variety of reasons.
It's critical that you choose a real estate agent in Gloucester who knows the factors that affect local prices.
The economy is believed to be the top factor impacting real estate appreciation.
there are quite a few factors on a national level that affect your house's value: unemployment, interest rates, consumer confidence, and more.
However, your home's value and the aspects that play the biggest role in its appreciation are particular to the local Gloucester economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values.
So when it comes to holding their value, these areas consistently appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive figures on the recent real estate sales in the areas that you're asking about from your REALTOR®. You'll need to learn things like time on market and seller discounts.
Appreciation history - Have house prices increased or decreased over the last 5 to 10 years? Is the area thought to be desirable because of its location or affordability?
Local economy - Is there a good mix of work in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a part.