Home values are continually changing.
Over a long enough period of time, property values almost always appreciate.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you'll create a better profit when you sell.
There are different reasons why property values in Edmond waver. So, how do you know what you're purchasing now will appreciate over time?
The most important factor to consider is that you go with a real estate agent in Edmond who is familiar with the factors that influence local prices.
A lot of people assume that the economy is the major factor impacting real estate appreciation.
interest rates, employment, business growth, government programs and a lot of other national determinants have a definite effect on your house's value.
But the most significant issues that determine your house's value are specific to the local Edmond economy and residential market.
Location in a community - Proximity to jobs and schools also have a huge influence on many home buyers' choices.
So these areas typically appreciate, or retain their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions A lot of data can be retrieved 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 house prices gone up or down? Does location or affordability affect how desirable the community is thought of as?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mixture of job types in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing?
All these play a role.