Real estate values are continually changing.
Home values appreciate in the long term almost always.
But, of course, in real estate there are no "sure things".
When your house appreciates you have a larger asset to borrow against, and you'll realize a greater profit when you sell.
There are many different reasons why property values in Oil City shift. So, how will you know what you're purchasing this year will appreciate over time?
The most important factor to consider is that you choose an agent in Oil City who is familiar with the factors that influence local prices.
Many assume that the economy is the most critical factor affecting real estate appreciation.
Naturally,
there are a lot of issues on a national level that impact your house's value: unemployment, interest rates, business growth, and more.
However, your home's value and the factors that play the biggest role in its appreciation are specific to the local Oil City economy and housing market.
Location in a community - Proximity to schools and work also have a significant effect on all home buyers' choices.
So these communities typically appreciate, or carry their value, best.
Trends in home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have house prices gone up or down over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice combination of jobs in an area, or does it rely upon just one industry?
All these play a role.