Understanding property appreciation in Tulsa
Home prices are constantly moving up and down. Over a long enough period of time, property values usually appreciate. But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have a more valuable asset to borrow against, and you'll generate a larger profit when you sell. But how will you know what you're investing in this year will appreciate over time? Property values in Tulsa change for numerous reasons. It's important that you select a REALTOR® in Tulsa who knows the factors that drive local prices.
Many are convinced that the economy is the top factor impacting real estate appreciation. After all, mortgage rates, unemployment, business growth, government programs and many other national determinants have a measurable impact on your home's worth. But the most influential issues that determine your property's value depend on the local Tulsa economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values. So those areas typically appreciate, or keep their value consistently, year to year.
Recent home sales - You should receive figures on the recent real estate sales in the neighborhoods that you're asking about from your real estate agent. You'll need to know things like how long a house stays on the market and asking price versus selling price.
Appreciation history - Have house prices increased or decreased over the past 5 to 10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mix of business in an area, or does it rely upon just one industry? All these play a part.