Property values are constantly moving up and down.
Over a long enough period of time, home values usually appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll see a better profit when you sell.
But how will you be sure what you're investing in now will appreciate over time? Property values in Tulsa shift for many different reasons.
The most important thing to consider is that you select a real estate agent in Tulsa who can identify the factors that influence local prices.
The economy is thought to be the greatest factor affecting real estate appreciation.
It goes without saying that
interest rates, unemployment, business growth, government programs and several other national factors have a measurable effect on your home's worth.
However, your home's value and the things that play the biggest role in its appreciation depend on the local Tulsa economy and housing market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So these areas consistently appreciate, or keep their value consistently, year to year.
Recent sales - Your real estate agent should provide you with reports on the recent home sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the area thought to be desirable because of its location or affordability?
Local economy - Is there a fair mixture of job types in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a role.