What causes Oklahoma City home prices to fluctuate?
Property values are constantly moving up and down. House values appreciate in the long term usually. But, in real estate there are no "sure things".
When your property appreciates you have a bigger asset to borrow against, and you'll see a better profit when you sell. Property values in Oklahoma City fluctuate for many different reasons, so how will you know what you're investing in this year won't depreciate the day after you close? It's important that you pick an agent in Oklahoma City who is familiar with the factors that influence local prices.
The economy is believed to be the most influential factor affecting real estate appreciation. Naturally, interest rates, employment, business growth, government programs and a handful of other national determinants have a noticeable impact on your property's value. However, your house's value and the features that play the most significant role in its appreciation are particular to the local Oklahoma City economy and housing market.
Location in a community - Proximity to schools and jobs also have a significant influence on many home buyers' decisions. So when it comes to holding their value, these areas generally appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should give you data on the recent real estate sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
Local economy - Is there a good blend of work in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring? Each of these factors plays a role.