Home values are continually changing. Home values appreciate in the long term almost always. But, in real estate there are no "sure things".
When your property appreciates you have more equity to borrow against, and you'll make a better profit when you sell. There is a variety of reasons why property values in BAKERSFIELD move up and down. So, how do you know what you're buying now will appreciate over time? Choosing a real estate agent in BAKERSFIELD who understands the factors that influence local prices is the most important element.
The economy is believed to be the number one factor affecting real estate appreciation. Clearly, there are quite a few factors on a national level that alter your property's value: unemployment, mortgage rates, inflation, and more. However, your house's value and the aspects that play the most significant role in its appreciation are particular to the local BAKERSFIELD economy and housing market.
Access to services - Proximity to schools and work also have a great influence on many home buyers' decisions. So when it comes to holding their value, these regions typically appreciate better than others.
The latest home sales - You should receive statistics on the recent real estate sales in the neighborhoods that you'd like to live in from your agent. You'll want to analyze figures like how long a house stays on the market and seller discounts.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have house prices risen or declined over the past 5 to 10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice mixture of jobs in an area, or does it rely on just one industry? Is the mix of commercial and residential zoning changing? Each of these factors plays a role.
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