Property prices are constantly moving up and down.
Generally, home values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell.
There are various reasons why property values in BAKERSFIELD change. So, how will you be sure what you're purchasing today will appreciate over time?
It's imperative that you choose an agent in BAKERSFIELD who knows the factors that affect local prices.
What is the greatest factor impacting real estate appreciation? Many believe that it's the economy.
Obviously,
there are numerous factors on a national level that influence your home's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most influential factors that determine your property's value depend on the local BAKERSFIELD economy and housing market.
Access to services - Being close to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these regions usually appreciate better than others.
Recent sales - Your REALTOR® should give you information on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices gone up or down over the last 5 to 10 years? Is the neighborhood believed to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice combination of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
Each of these items plays a part.