What causes Oklahoma City home prices to fluctuate?

Property prices are continually changing. Over a long enough period of time, house values usually appreciate. But, in real estate there is always a certain amount of risk.

When your property appreciates you have a bigger asset to borrow against, and you'll realize a higher profit when you sell. But how do you know what you're buying presently will appreciate over time? Property values in Oklahoma City shift for various reasons. It's imperative that you go with a REALTOR® in Oklahoma City who understands the factors that drive local prices.

The economy is thought to be the most critical factor impacting real estate appreciation. It goes without saying that mortgage rates, unemployment, business growth, government programs and several other national determinants have a definite impact on your property's worth. However, your property's value and the features that play the biggest role in its appreciation are specific to the local Oklahoma City economy and housing market.

Let The Virtual Real Estate Team help you with your first home purchase in Oklahoma City Location in a community - Proximity to schools and jobs also have a great impact on almost all home buyers' choices. So when it comes to retaining their value, these communities typically appreciate better than others.

Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? 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 provide a more complete picture.

The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices increased or decreased over the past 5 to 10 years?

Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mixture of work in an area, or does it rely on just one industry? All these play a part.

It's worthwhile to be informed about the factors that affect your home's worth. Click here to get an assessment of your home's value. Please call me at (405) 509-5335 or e-mail me with any questions.

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