Understanding Tulsa property appreciation
Over time, the value of a home will fluctuate up and down. In most cases, house values appreciate in the long term. But, of course, there are no guarantees in real estate.
When your house appreciates you have a bigger asset to borrow against, and you make a bigger profit when you sell. But how will you be sure what you're purchasing now will appreciate over time? Property values in Tulsa shift for different reasons. The most important aspect is that you pick an agent in Tulsa who understands the factors that influence local prices.
Many assume that the economy is the biggest factor affecting real estate appreciation. After all, there are many factors on a national level that change your property's value: unemployment, interest rates, the stock market, and more. However, your house's value and the elements that play the biggest role in its appreciation are particular to the local Tulsa economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values. So these regions usually appreciate, or carry their value consistently, year to year.
Recent home sales - You should receive figures on the recent real estate sales in the regions that you're asking about from your real estate agent. You'll want to know data like how long a house stays on the market and seller discounts.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mix of job types in an area, or does it depend on just one industry? All these play a role.