Home values are constantly moving up and down.
Over a long enough period of time, home values , in most cases, go up.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a bigger asset to borrow against, and you make a greater profit when you sell.
There are numerous reasons why property values in Oil City rise and fall. So, how can you be sure what you're investing in this year will appreciate over time?
The most important thing to consider is that you select a REALTOR® in Oil City who recognizes the factors that affect local prices.
A lot of people believe that the economy is the top factor affecting real estate appreciation.
there are some issues on a national level that influence your house's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your house's value and the features that play the biggest role in its appreciation are particular to the local Oil City economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a great impact on almost all home buyers' choices.
So when it comes to holding their value, these communities usually appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should give you facts and figures on the recent real estate sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices gone up or down over the last 5-10 years? Is the community believed to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice mixture of business in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
All these play a role.