Over time, the worth of a property will go up and down.
Over a long enough period of time, home values , by and large, appreciate.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have more equity to borrow against, and you'll create a greater profit when you sell.
Property values in BAKERSFIELD change for various reasons, so how do you know what you're buying right now won't depreciate the day after you close?
The most important element to consider is that you select an agent in BAKERSFIELD who understands the factors that affect local prices.
The economy is assumed to be the number one factor affecting real estate appreciation.
Naturally,
there are a lot of issues on a national level that affect your home's value: unemployment, interest rates, inflation, and more.
But the most influential issues that figure your home's value are particular to the local BAKERSFIELD economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to many families and will greatly influence home values.
So those regions often appreciate, or retain their value, best.
Recent sales - Your REALTOR® should provide you with figures on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the neighborhood is considered?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good blend of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
These items play a part.