Edmond home prices: Need some help understanding why they appreciate?

Over time, the worth of a home will go up and down. Typically, property values appreciate in the long term. But, of course, in real estate there are no "sure things".

When your house appreciates you have a greater asset to borrow against, and you'll realize a better profit when you sell. Property values in Edmond change for a variety of reasons, so how do you know what you're investing in today won't depreciate the day after you close? Choosing a real estate agent in Edmond who understands the factors that influence local prices is the most important aspect to consider.

A lot of people assume that the economy is the major factor affecting real estate appreciation. Clearly, there are some factors on a national level that influence your home's value: unemployment, interest rates, the stock market, and more. However, your home's value and the things that play the biggest role in its appreciation depend on the local Edmond economy and housing market.

Let Berkshire Hathaway HomeServices - Anderson Properties help you with your first home purchase in Edmond Access to services - Proximity to jobs and schools also have a significant effect on almost all home buyers' choices. So those communities generally appreciate, or carry their value consistently, year to year.

The latest home sales - You should receive statistics on the recent real estate sales in the neighborhoods that you're asking about from your REALTOR®. You'll need to learn data like how long a house stays on the market and seller discounts.

Appreciation history - Have house prices risen or declined over the last 5-10 years? Is the area 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 nice combination of jobs in an area, or does it rely on just one industry? All these play a part.

It's vital to learn about the factors that impact your property's financial worth. Visit this link for an evaluation of your home's value. Call me at (405) 823-4928 or e-mail me if you have any questions at all. I'd love to hear from you.

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