What causes Colorado Springs home prices to fluctuate?
Real estate prices are continually changing.
Generally, property values appreciate in the long term.
But, in real estate there are no "sure things".
When your home appreciates you have more resources to borrow against, and you'll create a greater profit when you sell.
There are various reasons why property values in Colorado Springs shift. So, how can you be sure what you're purchasing right now will appreciate over time?
It's imperative that you pick a REALTOR® in Colorado Springs who can identify the factors that affect local prices.
What is the major factor impacting real estate appreciation? Many guess that it's the economy.
interest rates, employment, job growth, government programs and several other national determinants have a definite impact on your home's value.
However, your property's value and the features that play the most significant role in its appreciation are particular to the local Colorado Springs economy and housing market.
Access to services - Proximity to jobs and schools also have a huge impact on most home buyers' decisions.
So these regions consistently appreciate, or hold their value, best.
Recent sales - Your REALTOR® should give you facts and figures on the recent real estate sales in the districts 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 area believed to be desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good blend of job types in an area, or does it rely upon just one industry?
All these play a role.
It's important to be informed about the factors that affect your house's worth.
Get an evaluation of your house's value here.
Call me at (719) 528-6672 or e-mail me if you have any questions at all. I'd love to hear from you.
Brian L. A. Wess - CRS, CDPE, GRI, ABR, ASR, CSR, CNS, SFR, e-PRO Infinite Horizons Realty 2910 N. Powers Blvd, #174 Colorado Springs, CO 80922