Property prices are continually changing.
Over a long enough period of time, house values , by and large, appreciate.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have more resources to borrow against, and you'll make a better profit when you sell.
Property values in Tulsa shift for a variety of reasons, so how can you be sure what you're investing in right now won't depreciate the day after you close?
It's imperative that you select a REALTOR® in Tulsa who can identify the factors that influence local prices.
The economy is thought to be the major factor affecting real estate appreciation.
It goes without saying that
mortgage rates, employment, job growth, government programs and a handful of other national factors have a definite influence on your property's value.
However, your property's value and the components that play the biggest role in its appreciation depend on the local Tulsa economy and housing market.
Location in a community - People typically want homes in the districts with the most convenient amenities, such as our jobs and schools.
So when it comes to holding their value, these communities consistently appreciate the best.
Recent sales - Your real estate agent should provide you with data on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?
Local economy - Is there a good mixture of jobs in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a role.
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