Property prices are forever in flux.
By and large, property values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a bigger asset to borrow against, and you get a higher profit when you sell.
But how do you know what you're investing in now will appreciate over time? Property values in Tulsa change for numerous reasons.
Choosing a real estate agent in Tulsa who recognizes the factors that affect local prices is the most important aspect to consider.
Many guess that the economy is the number one factor affecting real estate appreciation.
there are numerous issues on a national level that affect your home's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your property's value and the factors that play the biggest role in its appreciation are particular to the local Tulsa economy and housing market.
Location in a community - Most people want homes in the regions with the easiest access to amenities, like our schools, jobs, and shopping.
So these areas generally appreciate, or retain their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with statistics on the recent home sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices gone up or down over the last 5-10 years? Is the area considered desirable because of its location or affordability?
Local economy - Is there a fair combination of business in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these pieces plays a part.