Home prices are constantly moving up and down.
Property values appreciate in the long term usually.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a more valuable asset to borrow against, and you'll realize a bigger profit when you sell.
There are various reasons why property values in Cumberland move up and down. So, how will you be sure what you're purchasing today will appreciate over time?
It's critical that you select a REALTOR® in Cumberland who recognizes the factors that drive local prices.
What is the biggest factor impacting real estate appreciation? Many are convinced that it's the economy.
It goes without saying that
interest rates, employment, job growth, government programs and quite a few other national determinants have a measurable influence on your house's worth.
But the most important factors that determine your property's value are particular to the local Cumberland economy and residential market.
Access to services - Proximity to schools and jobs also have a great effect on most home buyers' decisions.
So when it comes to keeping their value, these areas typically appreciate the best.
Recent sales - Your real estate agent should give you statistics on the recent real estate sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the community is considered?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair blend of business in an area, or does it depend on just one industry?
Each of these factors plays a part.
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