Understanding property appreciation in Tulsa
Property prices are forever in flux. Over a long enough period of time, property values generally appreciate. But, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you'll make a higher profit when you sell. Property values in Tulsa rise and fall for a variety of reasons, so how do you know what you're buying now won't depreciate the day after you close? Choosing a REALTOR® in Tulsa who knows the factors that affect local prices is the most important factor to consider.
A lot of people are convinced that the economy is the greatest factor impacting real estate appreciation. After all, there are quite a few issues on a national level that adjust your property's value: unemployment, interest rates, the stock market, and more. However, your home's value and the aspects that play the biggest role in its appreciation are particular to the local Tulsa economy and housing market.
Access to services - People typically want homes in the areas with the best and most convenient places we go often or everyday, such as our schools, jobs, and shopping. So those regions often appreciate, or carry their value, best.
Recent home sales - You should receive statistics on the recent real estate sales in the neighborhoods that you'd like to live in from your agent. You'll want to know figures like time on market and seller discounts.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice combination of work in an area, or does it rely upon just one industry? Is the blend of commercial and residential development changing? These items play a role.