Property prices are constantly moving up and down.
House values appreciate in the long term generally.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you'll realize a bigger profit when you sell.
Property values in Colorado Springs change for various reasons, so how will you be sure what you're purchasing right now won't depreciate the day after you close?
Choosing a REALTOR® in Colorado Springs who recognizes the factors that drive local prices is the most important element to consider.
The economy is thought to be the greatest factor impacting real estate appreciation.
there are a lot of issues on a national level that adjust your property's value: unemployment, mortgage rates, the stock market, and more.
But the most significant things that figure your property's value are specific to the local Colorado Springs economy and residential market.
Access to services - People typically want homes in the districts with the most accommodating places we go often or everyday, such as our schools and work.
So when it comes to keeping their value, these regions generally appreciate better than others.
Recent sales - Your real estate agent should give you stats on the recent real estate sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the community is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice combination of job types in an area, or does it count on just one industry?
Each of these things plays a role.