What causes Tulsa home prices to fluctuate?
Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, property values , for the most part, appreciate.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell.
Property values in Tulsa fluctuate for a variety of reasons, so how can you be sure what you're buying now won't depreciate the day after you close?
Choosing an agent in Tulsa who is familiar with the factors that affect local prices is the most important factor to consider.
Many believe that the economy is the most crucial factor impacting real estate appreciation.
It goes without saying that
interest rates, unemployment, business growth, government programs and many other national determinants have a definite effect on your home's value.
But the most influential factors that figure your property's value are particular to the local Tulsa economy and housing market.
Location in a community - Proximity to schools and jobs also have a huge impact on most home buyers' choices.
So these regions usually appreciate, or hold their value consistently, year to year.
Recent sales - Your real estate agent should give you data on the recent home sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have house prices increased or decreased? Does location or affordability affect how desirable the neighborhood is considered?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good mix of business in an area, or does it rely upon just one industry?
These items play a part.
Knowing the factors that play into your house's price is important.
Visit this link
for an assessment of your house'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.