Over time, the worth of a property will go up and down.
Property values appreciate in the long term typically.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll make a higher profit when you sell.
Property values in BAKERSFIELD fluctuate for numerous reasons, so how will you be sure what you're investing in now won't depreciate the day after you close?
It's critical that you choose a REALTOR® in BAKERSFIELD who is familiar with the factors that influence local prices.
The economy is assumed to be the number one factor impacting real estate appreciation.
Clearly,
there are a lot of factors on a national level that affect your home's value: unemployment, mortgage rates, inflation, and more.
However, your house's value and the features that play the most significant role in its appreciation are particular to the local BAKERSFIELD economy and housing market.
Access to services - Many home buyers wish to live in regions with the most useful elements for homes to grow, like a close proximity to schools, jobs, and work.
So those regions often appreciate, or keep their value consistently, year to year.
Recent sales - Your agent should give you information on the recent home 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 to 10 years, have home prices increased or decreased? Does location or affordability affect how desirable the area is considered?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of business in an area, or does it depend on just one industry?
Each of these items plays a part.