What drives property values in Edmond and the Oklahoma City Metro area to move up and down?
Home prices are continually changing.
Over a long enough period of time, house values typically go up.
But, of course, in real estate there are no "sure things".
When your property appreciates you have more resources to borrow against, and you'll create a better profit when you sell.
But how will you know what you're purchasing this year will appreciate over time? Property values in Edmond and the Oklahoma City Metro area rise and fall for a variety of reasons.
The most important factor to consider is that you pick a real estate agent in Edmond and the Oklahoma City Metro area who understands the factors that affect local prices.
What is the major factor affecting real estate appreciation? Many think that it's the economy.
It goes without saying that
there are a handful of factors on a national level that affect your property's value: unemployment, mortgage rates, the stock market, and more.
But the most significant issues that decide your property's value depend on the local Edmond and the Oklahoma City Metro area economy and residential market.
Location in a community - People typically want homes in the regions with the most convenient places we go often or everyday, such as our work and schools.
So when it comes to holding their value, these areas generally appreciate much more reliably than areas lacking key features.
Trends in home sales - How long do homes typically stay on the market? What was the final sales amount versus the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the neighborhood is believed to be?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair combination of job types in an area, or does it depend on just one industry?
All these play a part.
It's wise to know the factors that influence your home's financial worth.
to receive an evaluation of your home's value.
Have any questions? Please feel free to call me at 405-921-8449 or e-mail me