Fluctuating home prices in Oklahoma City, Oklahoma: What causes this?

Property prices are constantly moving up and down. Over a long enough period of time, home values usually go up. But there are no guarantees in real estate.

When your home appreciates you have a larger asset to borrow against, and you'll see a better profit when you sell. There are numerous reasons why property values in Oklahoma City vary. So, how will you know what you're buying right now will appreciate over time? Choosing a REALTOR^® in Oklahoma City who can identify the factors that affect local prices is the most important aspect.

A lot of people believe that the economy is the most critical factor affecting real estate appreciation. Naturally, there are several factors on a national level that influence your house's value: unemployment, interest rates, quarterly earnings reports, and more. However, your home's value and the components that play the most significant role in its appreciation are particular to the local Oklahoma City economy and housing market.

Access to services - Many home buyers wish to live in regions with the best and most convenient traits for families to grow, such as a close proximity to schools, jobs, and work. So when it comes to keeping their value, these areas consistently appreciate much more reliably than areas lacking key features.

Prior home sales - How fast are houses selling? Are sellers having to discount much? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.

Appreciation history - Have property prices increased or decreased over the past 5 to 10 years? Is the neighborhood considered desirable because of its location or affordability?

The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mix of jobs in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing? Each of these factors plays a part.