Home values are forever in flux.
House values appreciate in the long term for the most part.
But, in real estate there are no "sure things".
When your home appreciates you have more equity to borrow against, and you make a higher profit when you sell.
Property values in Tulsa waver 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?
Choosing a REALTOR® in Tulsa who understands the factors that drive local prices is the most important thing to consider.
What is the greatest factor affecting real estate appreciation? Many think that it's the economy.
there are many factors on a national level that adjust your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most important issues that figure your property's value are specific to the local Tulsa economy and residential market.
Access to services - People typically want homes in the regions with the most convenient places we go often or everyday, such as our jobs and schools.
So when it comes to retaining their value, these communities often appreciate much more reliably than areas lacking key features.
Real estate sales trends - How quickly are homes selling? Are sellers needing to discount much? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mixture of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential zoning changing?
All these play a role.