What causes Tulsa home prices to fluctuate?
Home prices are forever in flux. Over a long enough period of time, home values , for the most part, appreciate. But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll realize a larger profit when you sell. Property values in Tulsa go up and down for a variety of reasons, so how can you be sure what you're buying this year won't depreciate the day after you close? Choosing a REALTOR® in Tulsa who understands the factors that influence local prices is the most important aspect to consider.
What is the greatest factor impacting real estate appreciation? Many believe that it's the economy. It goes without saying that interest rates, employment, job growth, government programs and some other national factors have a definite influence on your house's value. However, your house's value and the components that play the biggest role in its appreciation depend on the local Tulsa economy and housing market.
Access to services - Proximity to jobs and schools also have a great influence on most home buyers' decisions. So those areas usually appreciate, or retain their value consistently, year to year.
Recent home sales - What's the time on market? What was the final sales amount compared to the listing price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices increased or decreased over the past 5-10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mixture of job types in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing? Each of these pieces plays a role.