What causes Tulsa home prices to fluctuate?

Over time, the worth of a property will go up and down. Over a long enough period of time, home values usually appreciate. But, in real estate there is always a certain amount of risk.

When your home appreciates you have more resources to borrow against, and you'll produce a larger profit when you sell. Property values in Tulsa rise and fall for a variety of reasons, so how do you know what you're purchasing right now won't depreciate the day after you close? The most important factor is that you select a real estate agent in Tulsa who recognizes the factors that affect local prices.

A lot of people think that the economy is the most influential factor affecting real estate appreciation. It goes without saying that there are a handful of issues on a national level that adjust your house's value: unemployment, mortgage rates, consumer confidence, and more. But the most significant factors that decide your house's value are particular to the local Tulsa economy and housing market.

Let Dennis Hall Realty, LLC help you with your first home purchase in Tulsa Location in a community - Many consumers wish to live in regions with the most useful factors for families to shine, like a close proximity to schools and work. So these communities typically appreciate, or retain their value consistently, year to year.

Recent home sales - How long do homes typically stay on the market? What was the selling price versus the listing price? A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.

History of appreciation - In the last 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the neighborhood is thought of as?

Local economy - Is there a good mixture of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring? Each of these factors plays a role.

It's wise to understand the factors that affect your property's financial worth. Click here to get an assessment of your home's value. Call me at 918-447-8000 or e-mail me if you have any questions at all. I'd love to hear from you.

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