Over time, the worth of a home will fluctuate up and down.
Over a long enough period of time, property values normally go up.
But there are no guarantees in real estate, of course.
When your house appreciates you have a larger asset to borrow against, and you get a larger profit when you sell.
Property values in Oil City rise and fall for numerous reasons, so how can you be sure what you're purchasing now won't depreciate the day after you close?
The most important thing is that you pick a REALTOR® in Oil City who is familiar with the factors that influence local prices.
Many think that the economy is the top factor impacting real estate appreciation.
It goes without saying that
interest rates, unemployment, job growth, government programs and quite a few other national determinants have a measurable impact on your property's value.
However, your home's value and the features that play the biggest role in its appreciation are specific to the local Oil City economy and housing market.
Location in a community - Most people want homes in the areas with the most useful places we go often or everyday, such as our schools, jobs, and shopping.
So these communities often appreciate, or retain their value consistently, year to year.
Real estate sales trends - How long do homes typically stay up for sale before closing? What was the final sales amount compared to the asking price? Some information can be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
The appreciation history - Is the community considered desirable because of its location or affordability? Have house prices increased or decreased over the last 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair combination of job types in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
Each of these elements plays a role.