Over time, the worth of a house will fluctuate up and down.
Over a long enough period of time, home values , in most cases, go up.
But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a more valuable asset to borrow against, and you'll see a higher profit when you sell.
Property values in Edmond go up and down for a variety of reasons, so how do you know what you're buying now won't depreciate the day after you close?
It's critical that you pick a real estate agent in Edmond who understands the factors that drive local prices.
What is the biggest factor affecting real estate appreciation? Many are convinced that it's the economy.
interest rates, employment, business growth, government programs and numerous other national factors have a measurable impact on your house's worth.
However, your house's value and the factors that play the biggest role in its appreciation depend on the local Edmond economy and housing market.
Location in a community - Many consumers wish to live in areas with the most conducive traits for households to thrive, like a close proximity to schools, jobs, and work.
So when it comes to keeping their value, these areas generally appreciate better than others.
Prior home sales - How long are homes up for sale before closing? What was the final sales amount versus the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the neighborhood is thought to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good combination of work in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
These items play a role.