Over time, the value of a piece of real estate will go up and down.
Over a long enough period of time, home values typically go up.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have a more valuable asset to borrow against, and you'll create a larger profit when you sell.
There are numerous reasons why property values in Oklahoma City waver. So, how will you be sure what you're buying now will appreciate over time?
It's critical that you choose a REALTOR® in Oklahoma City who recognizes the factors that influence local prices.
Many believe that the economy is the most influential factor impacting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and a lot of other national factors have a measurable influence on your home's worth.
But the most influential issues that determine your home's value depend on the local Oklahoma City economy and residential market.
Access to services - Many of us wish to live in districts with the most useful factors for families to shine, like a close proximity to schools, jobs, and work.
So those regions often appreciate, or hold their value, best.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the listing price? Some information can often be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
Local economy - Is there a good mix of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a part.