Over time, the value of a piece of real estate will go up and down.
By and large, property values appreciate in the long term.
But there is always a certain amount of risk in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll produce a larger profit when you sell.
There are numerous reasons why property values in Tulsa fluctuate. So, how can you be sure what you're investing in now will appreciate over time?
It's imperative that you go with an agent in Tulsa who knows the factors that affect local prices.
What is the number one factor impacting real estate appreciation? Many believe that it's the economy.
mortgage rates, unemployment, job growth, government programs and some other national factors have a definite impact on your property's worth.
But the most significant things that determine your property's value are particular to the local Tulsa economy and residential market.
Access to services - People typically want homes in the districts with the most useful features, like our work and schools.
So those communities typically appreciate, or retain their value consistently, year to year.
Recent home sales - You should receive information on the recent real estate sales in the areas that you're interested in from your REALTOR®. You'll need to know data like how long a house stays on the market and seller discounts.
The appreciation history - Is the community considered desirable because of its location or affordability? Have property prices risen or declined over the last 5 to 10 years?
Local economy - Is there a nice mix of job types in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
Each of these things plays a role.
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