Fluctuating home prices in Edmond, Oklahoma: What causes this?

Over time, the worth of a piece of real estate will fluctuate up and down. By and large, home values appreciate in the long term. But, of course, there is always a certain amount of risk in real estate.

When your house appreciates you have a bigger asset to borrow against, and you'll generate a better profit when you sell. There are many different reasons why property values in Edmond waver. So, how will you know what you're purchasing presently will appreciate over time? It's imperative that you go with a REALTOR® in Edmond who knows the factors that influence local prices.

   


What is the top factor affecting real estate appreciation? Many believe that it's the economy. After all, there are many issues on a national level that change your home's value: unemployment, interest rates, consumer confidence, and more. However, your property's value and the aspects that play the most significant role in its appreciation depend on the local Edmond economy and housing market.

Let 525 Realty Group help you with your first home purchase in Edmond Access to services - Most people want homes in the districts with the best and most convenient places we go often or everyday, such as our schools and jobs. So these communities consistently appreciate, or carry their value consistently, year to year.

Real estate sales trends - How long are homes on the market? Are sellers needing to discount much or offer concessions Some information can often be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.

History of appreciation - In the last 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is believed to be?

Local economy - Is there a nice blend of work in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring? Each of these pieces plays a part.

It's worthwhile to understand the factors that play into your property's worth. Click here to receive an estimation of your house's value. Call me at 405 285-7000 or e-mail me if you have any questions at all. I'd love to hear from you.

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