Home prices are forever in flux.
Property values appreciate in the long term usually.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have more equity to borrow against, and you make a better profit when you sell.
There are various reasons why property values in Colorado Springs fluctuate. So, how will you be sure what you're purchasing presently will appreciate over time?
It's important that you go with a real estate agent in Colorado Springs who knows the factors that drive local prices.
A lot of people guess that the economy is the biggest factor affecting real estate appreciation.
Naturally,
there are some factors on a national level that impact your house's value: unemployment, interest rates, inflation, and more.
However, your property's value and the things that play the biggest role in its appreciation are specific to the local Colorado Springs economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is important to a lot of buyers and will greatly influence home values.
So when it comes to retaining their value, these areas generally appreciate the best.
Real estate sales trends - What's the time on market? Are sellers having to discount much? A lot of data can be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
Appreciation history - Have house prices increased or decreased over the last 5 to 10 years? Is the area thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice blend of jobs in an area, or does it depend on just one industry?
These items play a part.