Rummus, Home Buyer in Lowell, MA

Is it usual to have 5% home appreciation in good times in westford, chelmsford area?

Asked by Rummus, Lowell, MA Sat Jan 1, 2011

Is it usual to have 5% home appreciation in good times in westford, chelmsford area?

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3
In Real Estate there is nothing "usual"! In good times we have had higher percentages than that although looking back it was unreasonable. No one can ever predict the future.
Web Reference: http://www.mdmrealtyinc.com
1 vote Thank Flag Link Mon Jan 3, 2011
While there is no "usual" just as there is no national real estate market, Annual appreciation in the range of 3-6% is not uncommon in your area (I used to live in the area), and as a real estate agent and investor for almost 35 years appreciation at this rate doesn't worry me at all, it simply means the area is growing and is desirable.

The moment you begin seeing double digit appreciation you can rest assured there is a bubble waiting to burst, I've seen it time and again throughout the country (I've lived and owned property in a lot of places) It may last a year or even a few years but it's a sign that Buyers and builders are believing their own hype and as an investor that's when I start getting out.

Hope this helps.
0 votes Thank Flag Link Tue Jan 4, 2011
Heidi is right. There is no set % appreciation as it is dependent on many different factors. You could look at patterns over the last 5 years or compare when the market was at its peak (around 2003/2004) and at one of its worst (arguably 2008) to give you an idea of price trends.
Web Reference: http://territory.com
0 votes Thank Flag Link Mon Jan 3, 2011
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