Real estate values are forever in flux.
Over a long enough period of time, house values typically appreciate.
But there is always a certain amount of risk in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll create a bigger profit when you sell.
But how do you know what you're purchasing now will appreciate over time? Property values in Oklahoma City shift for different reasons.
Choosing an agent in Oklahoma City who knows the factors that influence local prices is the most important aspect to consider.
Many assume that the economy is the number one factor affecting real estate appreciation.
there are many factors on a national level that affect your home's value: unemployment, interest rates, business growth, and more.
However, your property's value and the factors that play the biggest role in its appreciation depend on the local Oklahoma City economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these communities generally appreciate better than others.
Recent sales - Your REALTOR® should provide you with information on the recent real estate 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.
The appreciation history - Is the community considered desirable because of its location or affordability? Have property prices gone up or down over the last 5 to 10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mix of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
All these play a part.