Home values are continually changing.
Over a long enough period of time, home values normally appreciate.
But, of course, in real estate there are no "sure things".
When your house appreciates you have a larger asset to borrow against, and you make a better profit when you sell.
Property values in Needham go up and down for many different reasons, so how will you be sure what you're purchasing presently won't depreciate the day after you close?
Choosing a REALTOR® in Needham who understands the factors that drive local prices is the most important aspect to consider.
What is the most important factor affecting real estate appreciation? Many think that it's the economy.
After all,
interest rates, employment, business growth, government programs and a handful of other national determinants have a noticeable impact on your house's value.
However, your house's value and the elements that play the biggest role in its appreciation are particular to the local Needham economy and housing market.
Location in a community - Most people want homes in the areas with the most useful amenities, such as our schools and jobs.
So those areas often appreciate, or keep their value consistently, year to year.
The latest home sales - How fast are homes selling? Are sellers needing to discount much or offer concessions Some information can be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is believed to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of business in an area, or does it depend on just one industry?
These items play a role.