Fluctuating home prices in West Bridgewater, Massachusetts: What causes this?
Over time, the value of a property will fluctuate up and down. Generally, home values appreciate in the long term. But, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you get a higher profit when you sell. There are various reasons why property values in West Bridgewater move up and down. So, how will you know what you're investing in now will appreciate over time? Choosing a REALTOR® in West Bridgewater who knows the factors that affect local prices is the most important factor.
What is the biggest factor impacting real estate appreciation? Many think that it's the economy. Clearly, there are some issues on a national level that change your property's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most significant issues that decide your house's value are specific to the local West Bridgewater economy and housing 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 those communities consistently appreciate, or hold their value, best.
Recent sales - Your agent should give you information on the recent real estate sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices risen or declined over the last 5 to 10 years? Is the community believed to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good combination of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing? These items play a part.