What drives property values in Oklahoma City to move up and down?
Over time, the value of a house will fluctuate up and down. Generally, home values appreciate in the long term. But, in real estate there is always a certain amount of risk.
When your property appreciates you have a greater asset to borrow against, and you'll make a greater profit when you sell. But how will you know what you're purchasing right now will appreciate over time? Property values in Oklahoma City waver for various reasons. It's critical that you pick a REALTOR® in Oklahoma City who understands the factors that influence local prices.
A lot of people think that the economy is the number one factor affecting real estate appreciation. Naturally, there are numerous issues on a national level that change your property's value: unemployment, interest rates, quarterly earnings reports, and more. However, your property's value and the components that play the biggest role in its appreciation are specific to the local Oklahoma City economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a huge influence on all home buyers' decisions. So when it comes to retaining their value, these areas generally appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should provide you with stats on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is believed to be?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good combination of job types in an area, or does it rely upon just one industry? All these play a part.