Fluctuating home prices in Edmond, Oklahoma: What causes this?

Property values are continually changing. Home values appreciate in the long term usually. But, in real estate there is always a certain amount of risk.

When your home appreciates you have a greater asset to borrow against, and you make a larger profit when you sell. But how do you know what you're investing in today will appreciate over time? Property values in Edmond change for various reasons. Choosing an agent in Edmond who understands the factors that drive local prices is the most important element to consider.

The economy is believed to be the major factor impacting real estate appreciation. Naturally, there are a handful of factors on a national level that influence your home's value: unemployment, interest rates, quarterly earnings reports, and more. But the most significant issues that figure your property's value are particular to the local Edmond economy and residential market.

Let Berkshire Hathaway HomeServices - Anderson Properties help you with your first home purchase in Edmond Access to services - Many of us choose to live in areas with the most convenient amenities for families to grow, such as a close proximity to jobs and schools. So those areas often appreciate, or keep their value consistently, year to year.

The latest home sales - You should receive figures on the recent real estate sales in the neighborhoods that you'd like to live in from your real estate agent. You'll need to learn things like time on market and asking price versus selling price.

The appreciation history - Is the community believed to be desirable because of its location or affordability? Have property prices gone up or down over the past 5-10 years?

The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mix of work in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing? All these play a part.

It's vital to learn about the factors that play into your home's market price. Get an estimation of your house's value here. Please call me at (405) 823-4928 or e-mail me with any questions.

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