Over time, the worth of a property will fluctuate up and down.
Almost always, house values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you make a larger profit when you sell.
Property values in Edmond change for many different reasons, so how will you know what you're buying today won't depreciate the day after you close?
It's critical that you pick an agent in Edmond who understands the factors that drive local prices.
Many assume that the economy is the most important factor impacting real estate appreciation.
interest rates, unemployment, job growth, government programs and numerous other national determinants have a definite influence on your house's value.
However, your house's value and the things that play the most significant role in its appreciation are specific to the local Edmond economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values.
So those areas usually appreciate, or keep their value consistently, year to year.
Recent sales - Your agent should give you information on the recent real estate sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices increased or decreased over the past 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair blend of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
All these play a part.