Understanding Edmond/OKC Metro Property Appreciation
Over time, the value of a home will fluctuate up and down.
Home values typically appreciate in the long term But in real estate, there is always a certain amount of risk.
When your property appreciates, you have more resources to borrow against, and you'll see a better profit when you sell.
Property values in the Edmond/OKC Metro go up and down for a variety of reasons. So how will you know what you're investing in today won't depreciate the day after you close?
Choosing a REALTOR® who is familiar with the factors that affect local prices is the most important aspect to consider.
A lot of people guess that the economy is the most important factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and some other national determinants have a noticeable influence on your home's worth.
However, your house's value and the factors that play the most significant role in its appreciation are particular to the local Edmond/OKC Metro economy and housing market.
Location in a community - Many of us want to live in areas with the most helpful factors for homes to appreciate, like close proximity to jobs and schools.
So when it comes to holding their value, these communities usually appreciate better than others.
Recent sales - Your agent should give you statistics on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the neighborhood thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mixture of business in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
Each of these elements plays a role.
Identifying the factors that affect your home's financial worth is important.
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And if you have any questions, call me at 405-818-3808
or e-mail me