Fluctuating home prices in Edmond, Oklahoma: What causes this?
Real estate prices are forever in flux.
Almost always, property values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your property appreciates you have a larger asset to borrow against, and you'll realize a higher profit when you sell.
There are different reasons why property values in Edmond move up and down. So, how will you know what you're investing in now will appreciate over time?
It's critical that you select an agent in Edmond who knows the factors that affect local prices.
The economy is believed to be the major factor affecting real estate appreciation.
It goes without saying that
there are a handful of issues on a national level that change your home's value: unemployment, interest rates, the stock market, and more.
But the most influential factors that determine your property's value are particular to the local Edmond economy and residential market.
Access to services - Proximity to schools, jobs, and amenities also have a major impact on most home buyers' decisions.
So those areas typically appreciate, or retain their value, best.
Recent home sales - You should receive stats on the recent real estate sales in the districts that you'd like to live in from your real estate agent. You'll want to analyze data like time on market and seller discounts.
The appreciation history - Is the neighborhood thought to be desirable because of its location or affordability? Have home prices increased or decreased over the past 5 to 10 years?
Local economy - Is there a good blend of business in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these elements plays a role.
It's wise to learn about the factors that impact your home's value.
to receive an assessment of your house's value.
And if you have any questions, call me at (405) 562-0886 or e-mail me