Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, home values generally appreciate.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a bigger asset to borrow against, and you'll generate a better profit when you sell.
But how can you be sure what you're buying this year will appreciate over time? Property values in Edmond fluctuate for different reasons.
The most important aspect is that you pick an agent in Edmond who understands the factors that drive local prices.
A lot of people believe that the economy is the number one factor affecting real estate appreciation.
interest rates, unemployment, business growth, government programs and several other national factors have a definite impact on your house's value.
However, your home's value and the factors that play the biggest role in its appreciation are specific to the local Edmond economy and housing market.
Location in a community - Most people want homes in the regions with the best and most convenient places we go often or everyday, like our schools and jobs.
So when it comes to keeping their value, these areas consistently appreciate the best.
The latest home sales - What's the time on market? Are sellers needing to discount much or offer concessions A lot of data can often 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.
Appreciation history - Have home prices increased or decreased over the past 5 to 10 years? Is the community believed to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair blend of job types in an area, or does it rely upon just one industry?
All these play a role.