Real estate values are constantly moving up and down.
Property values appreciate in the long term almost always.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have more resources to borrow against, and you'll generate a better profit when you sell.
But how will you know what you're purchasing right now will appreciate over time? Property values in Medway change for a variety of reasons.
The most important part is that you choose a real estate agent in Medway who can identify the factors that influence local prices.
Many are convinced that the economy is the most influential factor impacting real estate appreciation.
Obviously,
mortgage rates, employment, business growth, government programs and several other national determinants have a definite effect on your property's worth.
But the most significant factors that figure your property's value are particular to the local Medway economy and residential market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these communities consistently appreciate much more reliably than areas lacking key features.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the asking price? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have property prices gone up or down over the last 5 to 10 years?
Local economy - Is there a good mix of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a part.