Real estate values are forever in flux.
Over a long enough period of time, property values normally go up.
But, in real estate there are no guarantees.
When your home appreciates you have a bigger asset to borrow against, and you'll create a greater profit when you sell.
But how can you be sure what you're purchasing today will appreciate over time? Property values in Needham fluctuate for many different reasons.
The most important aspect to consider is that you pick a real estate agent in Needham who knows the factors that influence local prices.
A lot of people are convinced that the economy is the most crucial factor affecting real estate appreciation.
Obviously,
there are a lot of factors on a national level that change your home's value: unemployment, interest rates, business growth, and more.
However, your property's value and the factors that play the biggest role in its appreciation are specific to the local Needham economy and housing market.
Location in a community - Proximity to schools and jobs also have a great effect on many home buyers' decisions.
So when it comes to keeping their value, these regions consistently appreciate much more reliably than areas lacking key features.
Real estate sales trends - How long are homes on the market? What was the final sales amount versus the listing price? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good mix of business in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
Each of these things plays a role.