Over time, the worth of a house will go up and down.
Over a long enough period of time, house values , in most cases, appreciate.
But there are no "sure things" in real estate.
When your property appreciates you have more equity to borrow against, and you make a better profit when you sell.
Property values in Oil City fluctuate for a variety of reasons, so how can you be sure what you're purchasing this year won't depreciate the day after you close?
It's imperative that you select a REALTOR® in Oil City who is familiar with the factors that drive local prices.
Many assume that the economy is the major factor impacting real estate appreciation.
It goes without saying that
there are many issues on a national level that impact your house's value: unemployment, interest rates, business growth, and more.
However, your property's value and the things that play the biggest role in its appreciation depend on the local Oil City economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values.
So these regions generally appreciate, or hold their value consistently, year to year.
Recent home sales - You should receive figures on the recent real estate sales in the regions that you're asking about from your real estate agent. You'll need to know things like time on market and seller discounts.
History of appreciation - In the last 5 to 10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought of as?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair mixture of job types in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
All these play a part.