Real estate values are forever in flux.
Typically, house values appreciate in the long term.
But, in real estate there are no "sure things".
When your house appreciates you have more resources to borrow against, and you'll produce a larger profit when you sell.
Property values in BAKERSFIELD shift for different reasons, so how do you know what you're purchasing now won't depreciate the day after you close?
It's imperative that you select a real estate agent in BAKERSFIELD who knows the factors that affect local prices.
Many assume that the economy is the greatest factor affecting real estate appreciation.
Clearly,
there are numerous issues on a national level that adjust your house's value: unemployment, mortgage rates, the stock market, and more.
But the most important issues that figure your house's value depend on the local BAKERSFIELD economy and residential market.
Location in a community - Being close to schools, work and amenities like shopping, restaurants and entertainment is a priority to many us and will greatly influence home values.
So when it comes to retaining their value, these regions consistently appreciate better than others.
Recent home sales - How long are homes on the market? Are sellers needing to discount much or offer concessions Some information can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices gone up or down over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mixture of business in an area, or does it rely on just one industry?
Each of these items plays a role.