Home values are constantly moving up and down.
Over a long enough period of time, home values , in most cases, appreciate.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a greater asset to borrow against, and you make a higher profit when you sell.
But how can you be sure what you're investing in right now will appreciate over time? Property values in Medway waver for many different reasons.
Choosing a real estate agent in Medway who is familiar with the factors that influence local prices is the most important thing to consider.
Many believe that the economy is the top factor impacting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and quite a few other national factors have a definite impact on your house's value.
But the most influential things that decide your property's value depend on the local Medway economy and residential market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of buyers and will greatly influence home values.
So when it comes to holding their value, these regions often appreciate much more reliably than areas lacking key features.
Prior home sales - How fast are houses selling? What was the selling price versus the listing price? Some information can often be obtained from public records, but a good agent with access to the local MLS will often provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the last 5 to 10 years? Is the community believed to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mixture of work in an area, or does it depend on just one industry?
Each of these factors plays a role.