Home prices are constantly moving up and down.
Typically, property 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 more resources to borrow against, and you'll realize a bigger profit when you sell.
Property values in South Central Oklahoma go up and down for a variety of reasons, so how will you be sure what you're buying presently won't depreciate the day after you close?
The most important factor to consider is that you choose a REALTOR® in South Central Oklahoma who understands the factors that influence local prices.
The economy is thought to be the most important factor impacting real estate appreciation.
mortgage rates, employment, business growth, government programs and a handful of other national factors have a measurable impact on your home's worth.
But the most significant issues that determine your home's value depend on the local South Central Oklahoma economy and residential market.
Access to services - Many home buyers want to live in regions with the most convenient traits for families to grow, like a close proximity to schools and work.
So when it comes to retaining their value, these areas usually appreciate better than others.
Recent sales - Your REALTOR® should provide you with stats on the recent real estate sales in the neighborhoods 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 increased or decreased over the past 5 to 10 years? Is the area thought to be desirable because of its location or affordability?
Local economy - Is there a fair blend of work in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a role.
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