Over time, the value of a home will fluctuate up and down.
Typically, house values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you make a greater profit when you sell.
But how will you be sure what you're investing in presently will appreciate over time? Property values in BAKERSFIELD go up and down for different reasons.
Choosing a REALTOR® in BAKERSFIELD who can identify the factors that affect local prices is the most important thing to consider.
Many assume that the economy is the most crucial factor affecting real estate appreciation.
Obviously,
mortgage rates, unemployment, job growth, government programs and several other national factors have a measurable impact on your house's value.
But the most important factors that determine your house's value are particular to the local BAKERSFIELD economy and residential market.
Location in a community - People typically want homes in the districts with the easiest access to places we go often or everyday, such as our jobs and schools.
So when it comes to keeping their value, these regions typically appreciate much more reliably than areas lacking key features.
Recent sales - Your agent should provide you with information on the recent real estate sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought to be desirable because of its location or affordability? Have house prices risen or declined over the last 5 to 10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good mixture of business in an area, or does it depend on just one industry? Is the blend of commercial and residential zoning changing?
All these play a part.