Property prices are continually changing.
Over a long enough period of time, house values , by and large, go up.
But there are no guarantees in real estate, of course.
When your property appreciates you have a larger asset to borrow against, and you'll generate a greater profit when you sell.
But how can you be sure what you're investing in this year will appreciate over time? Property values in Oklahoma City move up and down for different reasons.
The most important aspect to consider is that you choose a REALTOR® in Oklahoma City who recognizes the factors that drive local prices.
The economy is thought to be the biggest factor affecting real estate appreciation.
Naturally,
there are several issues on a national level that adjust your property's value: unemployment, mortgage rates, the stock market, and more.
However, your home's value and the things that play the biggest role in its appreciation depend on the local Oklahoma City economy and housing market.
Location in a community - People typically want homes in the districts with the most accommodating features, such as our schools and jobs.
So these communities usually appreciate, or carry their value consistently, year to year.
Recent sales - Your agent should give you figures on the recent home sales in the regions that you'd like to live 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 5-10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mixture of business in an area, or does it depend on just one industry?
Each of these items plays a role.