Edmond home prices: Need some help understanding why they appreciate?

Property prices are continually changing. Over a long enough period of time, home values usually go up. But there are no "sure things" in real estate.

When your home appreciates you have a larger asset to borrow against, and you'll generate a bigger profit when you sell. But how will you know what you're investing in now will appreciate over time? Property values in Edmond rise and fall for many different reasons. Choosing a real estate agent in Edmond who can identify the factors that affect local prices is the most important aspect to consider.

A lot of people think that the economy is the most crucial factor affecting real estate appreciation. Obviously, interest rates, unemployment, business growth, government programs and numerous other national determinants have a measurable influence on your property's value. But the most significant things that determine your home's value depend on the local Edmond economy and housing market.

Let Coldwell Banker Mike Jones Co. help you with your first home purchase in Edmond Location in a community - Proximity to schools and jobs also have a great impact on many home buyers' decisions. So when it comes to holding their value, these areas consistently appreciate better than others.

Real estate sales trends - How long are homes up for sale before closing? 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.

The appreciation history - Is the community believed to be desirable because of its location or affordability? Have property prices risen or declined over the last 5 to 10 years?

Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice blend of business in an area, or does it rely upon just one industry? Each of these factors plays a part.

It's smart to understand the factors that play into your property's price. Visit this link for an assessment of your house's value. Please call me at (405) 340-4224 or e-mail me with any questions.

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