Property values are forever in flux.
In most cases, house values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
But how will you know what you're buying right now will appreciate over time? Property values in Colorado Springs rise and fall for different reasons.
Choosing a REALTOR® in Colorado Springs who knows the factors that affect local prices is the most important aspect to consider.
The economy is thought to be the most critical factor impacting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and a lot of other national factors have a definite effect on your property's value.
However, your home's value and the things that play the biggest role in its appreciation depend on the local Colorado Springs economy and housing market.
Location in a community - Most people want homes in the districts with the most accommodating places we go often or everyday, such as our schools and jobs.
So when it comes to keeping their value, these regions often appreciate much more reliably than areas lacking key features.
Real estate sales trends - How long are homes on the market? What was the selling price compared to the listing price? A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have property prices gone up or down over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mixture of business in an area, or does it count on just one industry?
All these play a part.