Over time, the worth of a home will go up and down.
Over a long enough period of time, property values , for the most part, appreciate.
But there are no "sure things" in real estate.
When your property appreciates you have more equity to borrow against, and you'll create a higher profit when you sell.
Property values in Oklahoma City waver for many different reasons, so how will you be sure what you're purchasing today won't depreciate the day after you close?
Choosing a real estate agent in Oklahoma City who knows the factors that affect local prices is the most important factor to consider.
Many are convinced that the economy is the greatest factor affecting real estate appreciation.
It goes without saying that
there are numerous issues on a national level that adjust your home's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your property's value and the features that play the biggest role in its appreciation are particular to the local Oklahoma City economy and housing market.
Location in a community - Many of us decide to live in areas with the best and most convenient components for families to thrive, like a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these areas consistently appreciate the best.
Recent sales - Your REALTOR® should provide you with statistics on the recent real estate sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices increased or decreased over the last 5-10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mixture of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
These items play a role.