Real estate values are continually changing.
For the most part, house values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you'll generate a bigger profit when you sell.
There are different reasons why property values in Tulsa fluctuate. So, how will you be sure what you're buying this year will appreciate over time?
The most important aspect to consider is that you select a REALTOR® in Tulsa who is familiar with the factors that affect local prices.
What is the greatest factor affecting real estate appreciation? Many think that it's the economy.
interest rates, employment, business growth, government programs and some other national factors have a noticeable effect on your house's value.
However, your property's value and the factors that play the biggest role in its appreciation are specific to the local Tulsa economy and housing market.
Location in a community - Many home buyers want to live in regions with the most conducive components for homes to shine, such as a close proximity to schools, jobs, and work.
So these communities typically appreciate, or carry their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the asking price? A lot of data 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 home prices risen or declined over the last 5 to 10 years? Is the community considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a fair mix of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential development changing?
Each of these factors plays a part.