Real estate prices are constantly moving up and down.
For the most part, house values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have more resources to borrow against, and you'll produce a better profit when you sell.
Property values in Cumberland move up and down for various reasons, so how will you be sure what you're investing in presently won't depreciate the day after you close?
It's imperative that you pick an agent in Cumberland who understands the factors that affect local prices.
What is the greatest factor impacting real estate appreciation? Many are convinced that it's the economy.
mortgage rates, employment, business growth, government programs and a handful of other national determinants have a measurable effect on your home's value.
But the most influential factors that decide your home's value are particular to the local Cumberland economy and residential market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values.
So those regions usually appreciate, or hold their value consistently, year to year.
Recent sales - Your real estate agent should provide you with information on the recent home 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.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have house prices gone up or down over the last 5-10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good combination of business in an area, or does it depend on just one industry? Is the blend of commercial and residential zoning changing?
These items play a role.