Over time, the value of a house will fluctuate up and down.
In most cases, house values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your home appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell.
Property values in Tulsa move up and down for numerous reasons, so how will you be sure what you're buying now won't depreciate the day after you close?
Choosing a REALTOR® in Tulsa who recognizes the factors that affect local prices is the most important part.
Many think that the economy is the number one factor impacting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and numerous other national determinants have a measurable impact on your house's value.
But the most significant issues that decide your property's value depend on the local Tulsa economy and residential market.
Access to services - Many home buyers decide to live in regions with the most accommodating traits for households to do well, like a close proximity to schools, jobs, and work.
So when it comes to keeping their value, these areas typically appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should provide you with figures on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is believed to be?
Local economy - Is there a nice combination of jobs in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these things plays a part.