Over time, the value of a home will go up and down.
Generally, property values appreciate in the long term.
But, in real estate there are no "sure things".
When your home appreciates you have a larger asset to borrow against, and you make a higher profit when you sell.
There are different reasons why property values in Oil City fluctuate. So, how will you be sure what you're purchasing right now will appreciate over time?
It's imperative that you go with a real estate agent in Oil City who understands the factors that drive local prices.
What is the most crucial factor affecting real estate appreciation? Many guess that it's the economy.
interest rates, employment, job growth, government programs and a lot of other national factors have a measurable impact on your property's value.
But the most important factors that determine your property's value depend on the local Oil City economy and residential market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So when it comes to holding their value, these areas typically appreciate better than others.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price compared to the asking price? A lot of data can be obtained 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 last 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mix of work in an area, or does it depend on just one industry?
These items play a part.