Over time, the worth of a piece of real estate will fluctuate up and down.
House values appreciate in the long term normally.
But, of course, there are no "sure things" in real estate.
When your home appreciates you have more resources to borrow against, and you'll create a greater profit when you sell.
But how can you be sure what you're buying this year will appreciate over time? Property values in Oil City shift for numerous reasons.
It's imperative that you select an agent in Oil City who recognizes the factors that affect local prices.
A lot of people guess that the economy is the top factor affecting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and some other national determinants have a noticeable effect on your house's value.
But the most important issues that determine your house's value are specific to the local Oil City economy and housing market.
Access to services - Many consumers want to live in regions with the most accommodating traits for families to grow, like a close proximity to jobs and schools.
So when it comes to holding their value, these regions usually appreciate the best.
Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the listing price? Some information can be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is believed to be?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice blend of work in an area, or does it depend on just one industry?
All these play a role.