Over time, the value of a house will go up and down.
House values appreciate in the long term generally.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a more valuable asset to borrow against, and you make a larger profit when you sell.
There are numerous reasons why property values in Oklahoma City change. So, how will you be sure what you're buying today will appreciate over time?
The most important part is that you select a real estate agent in Oklahoma City who knows the factors that drive local prices.
Many think that the economy is the most important factor impacting real estate appreciation.
Naturally,
mortgage rates, employment, job growth, government programs and a handful of other national determinants have a measurable influence on your house's worth.
But the most influential factors that figure your home's value are particular to the local Oklahoma City economy and housing market.
Access to services - Most people want homes in the districts with the best and most convenient features, like our schools and work.
So these regions usually appreciate, or keep their value, best.
The latest home sales - You should receive facts and figures on the recent real estate sales in the regions that you're asking about from your agent. You'll want to know figures like time on market and asking price as opposed to selling price.
History of appreciation - In the last 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the area is considered?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice combination of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing?
All these play a role.