Over time, the value of a property will go up and down.
Home values appreciate in the long term normally.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a more valuable asset to borrow against, and you get a bigger profit when you sell.
There is a variety of reasons why property values in Edmond shift. So, how will you be sure what you're purchasing today will appreciate over time?
Choosing a REALTOR® in Edmond who knows the factors that drive local prices is the most important thing to consider.
A lot of people think that the economy is the top factor impacting real estate appreciation.
interest rates, unemployment, job growth, government programs and a lot of other national factors have a measurable impact on your property's value.
But the most significant issues that decide your property's value are particular to the local Edmond economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values.
So those regions generally appreciate, or retain their value consistently, year to year.
Recent sales - Your agent should give you figures on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have property prices risen or declined over the past 5 to 10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good combination of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
These items play a role.