Real estate prices are continually changing. Over a long enough period of time, house values almost always go up. But there are no "sure things" in real estate.
When your house appreciates you have more equity to borrow against, and you get a better profit when you sell. But how can you be sure what you're buying today will appreciate over time? Property values in Oil City rise and fall for various reasons. The most important factor to consider is that you choose an agent in Oil City who recognizes the factors that drive local prices.
What is the major factor impacting real estate appreciation? Many are convinced that it's the economy. Naturally, mortgage rates, employment, business growth, government programs and a handful of other national factors have a definite effect on your house's worth. But the most significant factors that determine your home's value are specific to the local Oil City economy and housing market.
Location in a community - Many of us want to live in areas with the most convenient components for families to grow, like a close proximity to jobs and schools. So these communities generally appreciate, or hold their value consistently, year to year.
Recent sales - Your REALTOR® should give you figures on the recent home sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices risen or declined over the past 5-10 years? Is the community thought to be desirable because of its location or affordability?
Local economy - Is there a good combination of job types in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local companies hiring? All these play a role.
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