Property values are constantly moving up and down.
Typically, 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 more resources to borrow against, and you'll realize a greater profit when you sell.
Property values in Needham change for different reasons, so how will you be sure what you're buying today won't depreciate the day after you close?
Choosing a real estate agent in Needham who is familiar with the factors that drive local prices is the most important element to consider.
The economy is thought to be the biggest factor affecting real estate appreciation.
It goes without saying that
there are a lot of factors on a national level that adjust your house's value: unemployment, interest rates, consumer confidence, and more.
However, your home's value and the things that play the most significant role in its appreciation are specific to the local Needham economy and housing market.
Location in a community - Many home buyers choose to live in districts with the most convenient characteristics for homes to shine, like a close proximity to schools and work.
So when it comes to holding their value, these areas consistently appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should give you data on the recent real estate sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the community is thought to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice blend of work in an area, or does it count on just one industry? Is the mix of commercial and residential development changing?
All these play a part.