What drives property values in Needham to move up and down?

Real estate prices are forever in flux. Usually, house values appreciate in the long term. But there are no "sure things" in real estate.

When your house appreciates you have a more valuable asset to borrow against, and you'll create a higher profit when you sell. But how can you be sure what you're purchasing this year will appreciate over time? Property values in Needham waver for various reasons. The most important aspect is that you pick a real estate agent in Needham who knows the factors that affect local prices.

A lot of people assume that the economy is the most critical factor affecting real estate appreciation. After all, mortgage rates, employment, business growth, government programs and some other national determinants have a measurable impact on your property's value. But the most important factors that decide your home's value are specific to the local Needham economy and housing market.

Let Louis Wolfson & Co. help you with your first home purchase in Needham Access to services - Many home buyers choose to live in areas with the most conducive components for households to grow, like a close proximity to schools and work. So those areas generally appreciate, or hold their value, best.

Real estate sales trends - How quickly are homes selling? What was the selling price compared to the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.

The appreciation history - Is the community thought of as desirable because of its location or affordability? Have property prices gone up or down over the past 5-10 years?

Local economy - Is there a good mixture of work in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? These items play a role.

It's smart to learn about the factors that affect your home's price. Visit this link for an estimation of your property's value. Please call me at (617) 799-3326 or e-mail me with any questions.

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Louis Wolfson & Co.

29 Cimino Road
Needham, MA 02494