What drives property values in Oklahoma City to move up and down?
Over time, the worth of a house will go up and down. Almost always, house values appreciate in the long term. But, in real estate there are no "sure things".
When your house appreciates you have more equity to borrow against, and you'll generate a better profit when you sell. Property values in Oklahoma City rise and fall for numerous reasons, so how will you know what you're investing in today won't depreciate the day after you close? Choosing an agent in Oklahoma City who can identify the factors that affect local prices is the most important element.
A lot of people think that the economy is the number one factor affecting real estate appreciation. Naturally, mortgage rates, unemployment, business growth, government programs and some other national determinants have a noticeable effect on your property's value. However, your property's value and the aspects that play the biggest role in its appreciation are particular to the local Oklahoma City economy and housing market.
Location in a community - People typically want homes in the areas with the best and most convenient amenities, like our schools, jobs, and shopping. So these areas consistently appreciate, or carry their value, best.
Recent home sales - You should receive facts and figures on the recent real estate sales in the districts that you'd like to live in from your agent. You'll need to learn figures like time on market and asking price as opposed to selling price.
History of appreciation - In the past 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good combination of work in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing? Each of these factors plays a role.