Property prices are constantly moving up and down.
Usually, home values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a more valuable asset to borrow against, and you'll make a bigger profit when you sell.
But how will you be sure what you're investing in today will appreciate over time? Property values in BAKERSFIELD move up and down for various reasons.
It's important that you pick an agent in BAKERSFIELD who understands the factors that influence local prices.
Many guess that the economy is the top factor affecting real estate appreciation.
It goes without saying that
there are numerous issues on a national level that influence your property's value: unemployment, mortgage rates, consumer confidence, and more.
However, your house's value and the elements that play the biggest role in its appreciation depend on the local BAKERSFIELD economy and housing market.
Access to services - People typically want homes in the regions with the easiest access to features, like our schools and jobs.
So those communities generally appreciate, or carry their value, best.
The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the listing price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is believed to be?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mix of jobs in an area, or does it depend on just one industry?
These items play a role.