Real estate values are forever in flux.
Typically, property values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you make a better profit when you sell.
Property values in Tulsa fluctuate for a variety of reasons, so how will you be sure what you're investing in right now won't depreciate the day after you close?
The most important factor to consider is that you choose a real estate agent in Tulsa who is familiar with the factors that affect local prices.
A lot of people assume that the economy is the most important factor impacting real estate appreciation.
interest rates, unemployment, business growth, government programs and a lot of other national factors have a definite influence on your property's worth.
But the most important factors that determine your home's value depend on the local Tulsa economy and residential market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So when it comes to retaining their value, these communities often appreciate the best.
The latest home sales - You should receive data on the recent real estate sales in the areas that you're asking about from your real estate agent. You'll need to know figures like how long a house stays on the market and listing price as opposed to selling price.
Appreciation history - Have house prices increased or decreased over the last 5-10 years? Is the community thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good mix of job types in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
Each of these items plays a role.