Over time, the value of a property will fluctuate up and down.
Over a long enough period of time, property values generally go up.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell.
But how will you be sure what you're investing in now will appreciate over time? Property values in Edmond fluctuate for many different reasons.
It's important that you go with a REALTOR® in Edmond who is familiar with the factors that affect local prices.
The economy is assumed to be the major factor affecting real estate appreciation.
there are many issues on a national level that influence your home's value: unemployment, interest rates, the stock market, and more.
But the most influential factors that decide your home's value are specific to the local Edmond economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a major effect on almost all home buyers' choices.
So when it comes to holding their value, these areas usually appreciate much more reliably than areas lacking key features.
Real estate sales trends - How quickly are homes selling? What was the selling price compared to the asking price? Some information can be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the past 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is thought to be?
Local economy - Is there a nice mixture of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these elements plays a role.