Real estate prices are constantly moving up and down.
Over a long enough period of time, home values typically go up.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a more valuable asset to borrow against, and you get a greater profit when you sell.
But how do you know what you're investing in right now will appreciate over time? Property values in BAKERSFIELD rise and fall for different reasons.
The most important part is that you select a REALTOR® in BAKERSFIELD who is familiar with the factors that affect local prices.
The economy is assumed to be the most important factor affecting real estate appreciation.
interest rates, unemployment, job growth, government programs and a lot of other national factors have a measurable effect on your property's worth.
However, your house's value and the things that play the most significant role in its appreciation are particular to the local BAKERSFIELD economy and housing market.
Location in a community - Proximity to jobs and schools also have a major effect on almost all home buyers' decisions.
So when it comes to keeping their value, these regions generally appreciate better than others.
Recent sales - Your agent should give you information on the recent real estate sales in the regions that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the area is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair combination of business in an area, or does it rely upon just one industry?
All these play a role.
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