Property prices are continually changing.
In most cases, property values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you'll see a higher profit when you sell.
But how can you be sure what you're buying today will appreciate over time? Property values in Edmond change for many different reasons.
It's imperative that you select a real estate agent in Edmond who is familiar with the factors that influence local prices.
Many believe that the economy is the most critical factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and some other national determinants have a definite influence on your home's worth.
But the most important factors that decide your home's value are particular to the local Edmond economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many families and will greatly influence home values.
So when it comes to keeping their value, these communities often appreciate the best.
Recent sales - Your real estate agent should provide you with facts and figures on the recent real estate sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the last 5 to 10 years? Is the area believed to be desirable because of its location or affordability?
Local economy - Is there a nice mix of work in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local companies hiring?
These items play a role.