Oklahoma home prices: Need some help understanding why they appreciate?

Property values are forever in flux. Over a long enough period of time, home values , for the most part, appreciate. But, of course, in real estate there are no "sure things".

When your property appreciates you have a more valuable asset to borrow against, and you make a higher profit when you sell. But how can you be sure what you're buying presently will appreciate over time? Property values in Edmond shift for different reasons. Choosing an agent in Edmond & OKC Metro who knows the factors that influence local prices is the most important factor to consider.

The economy is believed to be the major factor affecting real estate appreciation. It goes without saying that there are a handful of factors on a national level that influence your home's value: unemployment, interest rates, inflation, and more. However, your home's value and the elements that play the most significant role in its appreciation are particular to the local Edmond & OKC metro economy and housing market.

Let Castles & Homes Real Estate help you with your first home purchase in Edmond Access to services - Many of us want to live in areas with the most helpful traits for families to thrive, such as a close proximity to jobs and schools. So when it comes to holding their value, these regions often appreciate the best.

Recent sales - Your REALTOR® should give you facts and figures on the recent real estate 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 house prices increased or decreased over the past 5 to 10 years? Is the community thought to be desirable because of its location or affordability?

Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mix of job types in an area, or does it depend on just one industry? These items play a role.

It's vital to learn about the factors that play into your house's worth. Click here to receive an estimation of your home's value. Have any questions? Please feel free to call us at 405-806-0003 or e-mail us.

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