Home values are forever in flux.
In most cases, home values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you'll see a better profit when you sell.
There are many different reasons why property values in Oklahoma City shift. So, how can you be sure what you're purchasing now will appreciate over time?
It's critical that you choose a REALTOR® in Oklahoma City who understands the factors that affect local prices.
What is the greatest factor affecting real estate appreciation? Many believe that it's the economy.
interest rates, unemployment, job growth, government programs and a handful of other national determinants have a measurable impact on your house's value.
However, your house's value and the things that play the most significant role in its appreciation are specific to the local Oklahoma City economy and housing market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values.
So those regions typically appreciate, or keep their value consistently, year to year.
Real estate sales trends - How quickly are houses selling? Are sellers needing to discount much or offer concessions Some information can often be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the past 5-10 years, have home prices increased or decreased? Does location or affordability affect how desirable the neighborhood is thought of as?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good blend of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing?
Each of these elements plays a role.