Understanding Tulsa home prices
Real estate values are constantly moving up and down. Home values appreciate in the long term typically. But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you get a bigger profit when you sell. But how can you be sure what you're purchasing now will appreciate over time? Property values in Tulsa rise and fall for different reasons. Choosing a REALTOR® in Tulsa who understands the factors that drive local prices is the most important aspect.
Many guess that the economy is the number one factor impacting real estate appreciation. Obviously, there are quite a few factors on a national level that affect your house's value: unemployment, interest rates, inflation, and more. However, your house's value and the factors that play the most significant role in its appreciation depend on the local Tulsa economy and housing market.
Access to services - Proximity to work and schools also have a significant influence on almost all home buyers' decisions. So those communities typically appreciate, or hold their value consistently, year to year.
Recent home sales - What's the time on market? Are sellers having to discount much or offer concessions A lot of data can be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices gone up or down over the past 5 to 10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mixture of jobs in an area, or does it depend on just one industry? Each of these elements plays a role.