Home prices are constantly moving up and down.
Usually, property values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have a more valuable asset to borrow against, and you get a greater profit when you sell.
But how will you be sure what you're investing in right now will appreciate over time? Property values in BAKERSFIELD fluctuate for different reasons.
Choosing a REALTOR® in BAKERSFIELD who is familiar with the factors that influence local prices is the most important part.
Many believe that the economy is the most critical factor affecting real estate appreciation.
Obviously,
mortgage rates, employment, business growth, government programs and some other national factors have a noticeable influence on your home's worth.
However, your home's value and the things that play the most significant role in its appreciation are particular to the local BAKERSFIELD economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to many us and will greatly influence home values.
So those communities consistently appreciate, or carry their value, best.
Recent sales - Your REALTOR® should provide you with information on the recent real estate sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices risen or declined over the past 5-10 years? Is the area believed to be desirable because of its location or affordability?
Local economy - Is there a fair combination of business in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a part.