Property prices are constantly moving up and down. Generally, home values appreciate in the long term. But, of course, there are no "sure things" in real estate.
When your house appreciates you have a greater asset to borrow against, and you'll see a higher profit when you sell. Property values in BAKERSFIELD waver for a variety of reasons, so how can you be sure what you're purchasing now won't depreciate the day after you close? Choosing a REALTOR® in BAKERSFIELD who recognizes the factors that drive local prices is the most important aspect.
The economy is assumed to be the number one factor impacting real estate appreciation. Obviously, there are a handful of factors on a national level that change your home's value: unemployment, mortgage rates, quarterly earnings reports, and more. However, your home's value and the things that play the biggest role in its appreciation are particular to the local BAKERSFIELD economy and housing market.
Location in a community - Many home buyers decide to live in districts with the most convenient characteristics for families to shine, like a close proximity to jobs and schools. So when it comes to retaining their value, these regions generally appreciate better than others.
The latest home sales - You should receive reports on the recent real estate sales in the regions that you're asking about from your real estate agent. You'll need to analyze things like time on market and seller discounts.
Appreciation history - Have home prices gone up or down over the past 5-10 years? Is the area thought to be desirable because of its location or affordability?
Local economy - Is there a fair mix of job types in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring? These items play a role.
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