Real estate prices are continually changing. Over a long enough period of time, house values typically go up. But, in real estate there are no "sure things".
When your house appreciates you have a larger asset to borrow against, and you make a bigger profit when you sell. Property values in BAKERSFIELD change for many different reasons, so how can you be sure what you're purchasing today won't depreciate the day after you close? The most important aspect to consider is that you go with a real estate agent in BAKERSFIELD who recognizes the factors that influence local prices.
What is the most crucial factor affecting real estate appreciation? Many assume that it's the economy. Clearly, there are many factors on a national level that adjust your home's value: unemployment, mortgage rates, inflation, and more. However, your home's value and the things that play the most significant role in its appreciation are specific to the local BAKERSFIELD economy and housing market.
Access to services - Most people want homes in the regions with the best and most convenient features, like our work and schools. So those areas usually appreciate, or retain their value, best.
Recent home sales - You should receive reports on the recent real estate sales in the neighborhoods that you're asking about from your REALTOR®. You'll want to know data like time on market and listing price as opposed to selling price.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have house prices risen or declined over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair combination of work in an area, or does it depend on just one industry? These items play a role.
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