Home values are forever in flux.
Over a long enough period of time, home values normally go up.
But, of course, in real estate there are no guarantees.
When your property appreciates you have a larger asset to borrow against, and you'll produce a greater profit when you sell.
But how can you be sure what you're purchasing this year will appreciate over time? Property values in Oklahoma City move up and down for many different reasons.
Choosing a REALTOR® in Oklahoma City who can identify the factors that influence local prices is the most important thing.
What is the most crucial factor impacting real estate appreciation? Many believe that it's the economy.
After all,
mortgage rates, unemployment, job growth, government programs and numerous other national factors have a noticeable effect on your home's worth.
However, your home's value and the things that play the biggest role in its appreciation are particular to the local Oklahoma City economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values.
So when it comes to holding their value, these areas usually appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive data on the recent real estate sales in the neighborhoods that you're asking about from your REALTOR®. You'll need to learn things like time on market and seller discounts.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have property prices gone up or down over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mixture of job types in an area, or does it count on just one industry?
All these play a role.