Understanding property appreciation in Central Oklahoma

Over time, the value of a piece of real estate will go up and down. Over a long enough period of time, property values normally go up. 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'll generate a bigger profit when you sell. There are various reasons why property values in across Central Oklahoma vary. So, how will you know what you're buying right now will appreciate over time? The most important factor to consider is that you select a REALTOR^® who understands the factors that drive local prices.

Find My Home's Value

Many believe that the economy is the most critical factor impacting real estate appreciation. Naturally, there are a handful of factors on a national level that adjust your property's value: unemployment, mortgage rates, business growth, and more. But the most important factors that figure your property's value are specific to the local economy and residential market.

Location in a community - People typically want homes in the regions with the most useful amenities, like our schools and work. So those communities generally appreciate, or carry their value consistently, year to year.

Recent home sales - You should receive information on the recent real estate sales in the districts that you're asking about from your real estate agent. You'll need to learn things like how long a house stays on the market and asking price as opposed to selling price.

History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is considered?

Local economy - Is there a good blend of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring? Each of these elements plays a role.

	It's smart to learn about the factors that impact your home's value. Click here to get an assessment of your home's value. Have any questions? Please feel free to call us at (405)799-5531 or e-mail us.