Over time, the value of a home will fluctuate up and down.
Typically, home values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your home appreciates you have more equity to borrow against, and you'll see a larger profit when you sell.
There is a variety of reasons why property values in Colorado Springs go up and down. So, how will you be sure what you're purchasing today will appreciate over time?
It's important that you go with an agent in Colorado Springs who recognizes the factors that affect local prices.
A lot of people believe that the economy is the top factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and a lot of other national factors have a noticeable effect on your house's value.
However, your property's value and the features that play the most significant role in its appreciation are specific to the local Colorado Springs economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a great impact on almost all home buyers' decisions.
So those areas generally appreciate, or retain their value consistently, year to year.
The latest home sales - You should receive information on the recent real estate sales in the neighborhoods that you're asking about from your real estate agent. You'll need to analyze figures like time on market and listing price versus selling price.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have property 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 nice blend of business in an area, or does it count on just one industry?
These items play a role.