Fluctuating home prices in Oklahoma City, Oklahoma: What causes this?
Over time, the worth of a home will go up and down. Over a long enough period of time, property values normally go up. But there are no "sure things" in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll produce a bigger profit when you sell. Property values in Oklahoma City fluctuate for numerous reasons, so how will you know what you're investing in today won't depreciate the day after you close? The most important aspect is that you pick a REALTOR® in Oklahoma City who is familiar with the factors that affect local prices.
The economy is assumed to be the major factor impacting real estate appreciation. After all, interest rates, unemployment, job growth, government programs and numerous other national determinants have a noticeable effect on your home's value. However, your property's value and the aspects that play the biggest role in its appreciation depend on the local Oklahoma City economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values. So when it comes to holding their value, these communities often appreciate the best.
Recent sales - Your agent should provide you with reports on the recent home sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice blend of work in an area, or does it count on just one industry? Is the blend of commercial and residential development changing? Each of these pieces plays a role.