Real estate values are constantly moving up and down.
Home values appreciate in the long term for the most part.
But there are no guarantees in real estate, of course.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a greater profit when you sell.
Property values in Needham move up and down for many different reasons, so how will you know what you're purchasing presently won't depreciate the day after you close?
Choosing an agent in Needham who can identify the factors that influence local prices is the most important thing.
The economy is believed to be the major factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and numerous other national determinants have a definite influence on your house's worth.
But the most significant factors that determine your property's value are specific to the local Needham economy and residential market.
Location in a community - Many consumers wish to live in areas with the best and most convenient elements for homes to develop, like a close proximity to schools and work.
So these communities usually appreciate, or keep their value consistently, year to year.
Recent sales - Your agent should give you information on the recent home sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought of as?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice blend of jobs in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
All these play a role.