Over time, the value of a piece of real estate will fluctuate up and down.
Home values appreciate in the long term normally.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you'll realize a bigger profit when you sell.
But how will you know what you're purchasing today will appreciate over time? Property values in Oil City fluctuate for various reasons.
The most important element to consider is that you go with a REALTOR® in Oil City who understands the factors that drive local prices.
Many guess that the economy is the top factor affecting real estate appreciation.
there are several factors on a national level that alter your property's value: unemployment, mortgage rates, consumer confidence, and more.
But the most influential factors that determine your house's value are specific to the local Oil City economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a significant influence on almost all home buyers' decisions.
So those communities consistently appreciate, or keep their value consistently, year to year.
The latest home sales - What's the time on market? Are sellers having to discount much or offer concessions Some information can often be obtained from public records, but a good agent with a login to the local MLS will usually 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 considered?
Local economy - Is there a fair mixture of jobs in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a role.