Over time, the value of a piece of real estate will fluctuate up and down.
Almost always, property values appreciate in the long term.
But, in real estate there are no "sure things".
When your house appreciates you have more equity to borrow against, and you'll produce a better profit when you sell.
But how do you know what you're purchasing today will appreciate over time? Property values in Needham go up and down for numerous reasons.
It's imperative that you go with an agent in Needham who understands the factors that influence local prices.
What is the most critical factor affecting real estate appreciation? Many think that it's the economy.
mortgage rates, unemployment, business growth, government programs and quite a few other national factors have a noticeable effect on your house's value.
But the most significant issues that determine your property's value are particular to the local Needham economy and residential market.
Access to services - Many of us choose to live in districts with the most conducive features for families to grow, such as a close proximity to schools, jobs, and work.
So when it comes to holding their value, these regions generally appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should provide you with data on the recent home sales in the neighborhoods 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 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is believed to be?
Local economy - Is there a fair mixture of business in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
These items play a part.