Home prices are constantly moving up and down.
Over a long enough period of time, home values usually appreciate.
But there are no guarantees in real estate.
When your house appreciates you have more equity to borrow against, and you'll create a larger profit when you sell.
There are various reasons why property values in Brockton move up and down. So, how will you know what you're buying today will appreciate over time?
The most important aspect is that you go with an agent in Brockton who knows the factors that influence local prices.
The economy is assumed to be the greatest factor impacting real estate appreciation.
It goes without saying that
there are numerous issues on a national level that change your house's value: unemployment, interest rates, inflation, and more.
However, your home's value and the aspects that play the biggest role in its appreciation depend on the local Brockton economy and housing market.
Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values.
So when it comes to keeping their value, these areas generally appreciate better than others.
Recent sales - Your agent should give you stats on the recent real estate sales in the areas 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 gone up or down over the last 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good blend of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
Each of these things plays a part.