Property values are constantly moving up and down.
Property values appreciate in the long term for the most part.
But there are no guarantees in real estate, of course.
When your house appreciates you have more equity to borrow against, and you'll generate a bigger profit when you sell.
But how do you know what you're investing in right now will appreciate over time? Property values in Norman rise and fall for various reasons.
Choosing a real estate agent in Norman who can identify the factors that drive local prices is the most important element to consider.
What is the greatest factor impacting real estate appreciation? Many think that it's the economy.
It goes without saying that
there are quite a few factors on a national level that influence your house's value: unemployment, mortgage rates, the stock market, and more.
However, your home's value and the things that play the biggest role in its appreciation are specific to the local Norman economy and housing market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many us and will greatly influence home values.
So these regions consistently appreciate, or carry their value, best.
Recent sales - Your REALTOR® should give you reports on the recent real estate sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have property prices increased or decreased over the last 5 to 10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good mix of job types in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
Each of these things plays a role.