Real estate values are continually changing.
Property values appreciate in the long term by and large.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a more valuable asset to borrow against, and you'll create a greater profit when you sell.
There are various reasons why property values in Tulsa go up and down. So, how do you know what you're buying now will appreciate over time?
Choosing a REALTOR® in Tulsa who can identify the factors that affect local prices is the most important thing to consider.
The economy is assumed to be the top factor impacting real estate appreciation.
mortgage rates, employment, business growth, government programs and many other national factors have a measurable influence on your property's value.
However, your property's value and the aspects that play the most significant role in its appreciation depend on the local Tulsa economy and housing market.
Access to services - Proximity to jobs and schools also have a major impact on most home buyers' decisions.
So these communities consistently appreciate, or keep their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much? Some information can often be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have property prices risen or declined over the last 5 to 10 years? Is the area believed to be 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 nice combination of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
All these play a part.