Over time, the worth of a property will go up and down.
Typically, 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 generate a larger profit when you sell.
Property values in Edmond go up and down for various reasons, so how can you be sure what you're buying this year won't depreciate the day after you close?
It's imperative that you go with a real estate agent in Edmond who knows the factors that drive local prices.
The economy is thought to be the number one factor impacting real estate appreciation.
there are a handful of factors on a national level that alter your home's value: unemployment, interest rates, inflation, and more.
But the most significant factors that decide your house's value are particular to the local Edmond economy and residential market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So these areas generally appreciate, or carry their value, best.
Recent home sales - How fast are houses selling? Are sellers needing to discount much or offer concessions Some information can be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices gone up or down over the past 5 to 10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mix of work in an area, or does it count on just one industry?
Each of these elements plays a part.