Property values are forever in flux.
For the most part, property values appreciate in the long term.
But there are no "sure things" in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you make a greater profit when you sell.
But how will you know what you're purchasing today will appreciate over time? Property values in Cumberland shift for various reasons.
It's important that you choose an agent in Cumberland who can identify the factors that influence local prices.
What is the major factor impacting real estate appreciation? Many are convinced that it's the economy.
mortgage rates, employment, job growth, government programs and many other national factors have a definite influence on your house's value.
However, your home's value and the aspects that play the most significant role in its appreciation are specific to the local Cumberland economy and housing market.
Location in a community - Many consumers want to live in regions with the most accommodating characteristics for households to succeed, such as a close proximity to schools and work.
So when it comes to keeping their value, these regions consistently appreciate the best.
Recent sales - Your agent should give you statistics on the recent real estate sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the last 5-10 years? Is the area believed to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mix of business in an area, or does it depend on just one industry?
All these play a part.